After El Salvador made Bitcoin legal tender, privacy activist and whistleblower Edward Snowden says: “There is now pressure on competing nations to buy Bitcoin – if only in reserve.” He warned: “Latecomers can regret the hesitation.”
Edward Snowden warns countries that adopting Bitcoin could regret their choices
Former National Security Agency (NSA) computer intelligence advisor and Central Intelligence Agency (CIA) contractor Edward Snowden commented Tuesday that El Salvador made Bitcoin legal tender. He tweeted:
Today, Bitcoin was officially recognized as legal tender in its first country. Beyond the headlines, there is now pressure on competing nations to acquire Bitcoin – if only as a reserve – as its design offers a massive incentive for early adoption. Latecomers can regret the hesitation.
El Salvador’s Bitcoin law went into effect on September 7th and BTC is now a national currency alongside the US dollar. Nayib Bukele, the president of El Salvador, also announced Tuesday that his government had bought 550 BTC.
Snowden isn’t the only one expecting other countries to follow in El Salvador’s footsteps and adopt Bitcoin. Dante Mossi, executive president of the Central American Bank for Economic Integration (CABEI), said that if the adoption of Bitcoin as legal tender in El Salvador goes well and the cost of money transfers drops significantly, “other countries are likely to seek this benefit and for it take over”. . “
Even Bank of America sees benefits in introducing Bitcoin as legal tender for El Salvador. “Bitcoin could be used as an intermediary for cross-border transfers … Using Bitcoin for transfers could potentially lower transaction costs compared to traditional transfer channels,” the bank wrote in early August. In addition, global investment bank JPMorgan said in June that El Salvador’s move could “mark the beginning of a broader trend among similarly located, smaller nations.”
Do you agree with Edward Snowden? Let us know in the comment section below.
Photo credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.