JAKARTA – After El Salvador became the world's spotlight for adopting Bitcoin (BTC), a number of rival countries are predicted to regret being skeptical of the actions of President Nayib Bukele's government. This was conveyed by a well-known whistleblower and former CIA employee, Edward Snowden.
“Bitcoin is officially recognized as legal tender in its first country. There is now pressure on competing countries to acquire Bitcoin – even if only as a reserve asset – as the design massively encourages early adoption. Late arrivals may regret being hesitant," said Snowden as quoted by DailyHodl.
Snowden's statement is supported by influential institutions such as JP Morgan and the American Central Bank for Economic Integration (CABEI). Despite this, there are still many who are skeptical of El Salvador's move and think the Latin American country will not benefit economically from adopting Bitcoin.
Meanwhile, JP Morgan predicts that the move will be "the start of a broader trend among smaller countries in the same region." Meanwhile, CABEI said that currently "the world is moving in a very digital direction."
Executive President Dr. Dante Mossi openly admitted that his party would support El Salvador's new move.
"We are preparing an expert-led technical assistance package to support the country's economic authorities, align user needs, help prevent illicit activities, and avoid unintended impacts on financial stability and monetary policy," Mossi said.
In recent months, a number of global companies have begun to adapt to Bitcoin as the official medium of exchange in El Salvador. Starbucks and McDonald's have reportedly accepted payments for their products with Bitcoin for Salvadorans.
On the other hand, if you look at the trend of recent giant companies such as Elon Musk's electric car company, Tesla, which has announced that it accepts Bitcoin payments, but is suspended due to mining activities that waste electricity and have an impact on the environment.
In addition, Jack Dorsey's social media platform, Twitter, is also rumored to be integrated with Bitcoin so that users can give tips in crypto form to event organizers in one of Twitter's features called Space. Will the world's corporate giants follow the same path as Tesla and Twitter?
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