The Ball Is Rolling – More Nations to Adopt Bitcoin as Legal Tender This Year, deVere Group CEO Says
The head of financial advisory firm deVere Group, Nigel Green, is confident that by the end of this year, a minimum of two countries have adopted Bitcoin (BTC) as legal tender.
Green shares his views in a new company blog post, where he reflects on the Central African Republic becoming the world’s second country to declare Bitcoin official currency, following the footsteps of El Salvador. He said:
“In January, I predicted that at least another three nations… would declare the world’s largest cryptocurrency legal tender in 2022. One now already has done so.
I expect Bitcoin will be adopted as legal tender in at least one more African and one Central or Latin American country before the end of the year.”
While Greene expects Tanzania to follow suit soon, the deVere Group CEO thinks other contenders are to be found in Latin and Middle America, noting:
Regarding nations in the Western hemisphere, the CEO says,
“In Latin and Central America, it could potentially be Paraguay or Mexico next.
A Paraguayan bill moving to regulate the trading and mining of Bitcoin and cryptocurrencies in the country passed the Senate in December, which is widely being regarded as the first step to making Bitcoin legal tender.
Meanwhile, I’m confident that a Bitcoin bill will be introduced to Mexico’s Congress this year [because several politicians] are going on record as saying they want their country to follow El Salvador’s example.”
Green further details the characteristics of potential ‘Bitcoin Nations’:
“Adopting cryptocurrency currently is more attractive to those countries with a track record of financial instability.
In nations where the current national currencies don’t work as well as they should as a means of exchange, store of value and as a unit of account… Bitcoin is increasingly seen as the answer.”
The deVere Group head is confident that the ball has started rolling in the right direction and concludes:
“First, El Salvador, now the Central African Republic – and this is just the beginning.”
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Author: Peter Siu