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Edward Snowden: Competing Nations Under Pressure to Acquire Bitcoin After El Salvador

Edward Snowden Says Competing Nations Under Pressure to Acquire Bitcoin Following El Salvador

Following El Salvador making bitcoin legal tender, privacy activist and whistleblower Edward Snowden says, “there is now pressure on competing nations to acquire bitcoin — even if only as a reserve asset.” He warned, “Latecomers may regret hesitating.”

Edward Snowden Warns Countries That Hesitate Adopting Bitcoin May Regret Their Decisions

A former computer intelligence consultant for National Security Agency (NSA), and contractor for Central Intelligence Agency, (CIA), Edward Snowden commented on Tuesday’s legalization of bitcoin in El Salvador. He tweeted:

Today Bitcoin was formally recognized as legal tender in its first country. There is pressure for other countries to acquire bitcoin, even if it’s just as a reserve asset. This design greatly encourages early adoption. Latecomers may regret hesitating.

El Salvador’s Bitcoin Law went into effect on Sept. 7 and BTC is now a national currency alongside the U.S. dollar. Nayib Bukele, the president of El Salvador, also revealed Tuesday that his government has purchased 550 BTC.

Snowden doesn’t expect other countries to adopt bitcoin like El Salvador. Dante Mossi, the executive president of the Central American Bank for Economic Integration (CABEI), said that if adopting bitcoin as legal tender goes well in El Salvador and the cost of remittances drops substantially, “other countries will probably seek that advantage and adopt it.”

Even Bank of America sees the benefits of adopting bitcoin for El Salvador as legal tender. “Bitcoin could be used as an intermediary for cross-border transfer … Using bitcoin for remittances could potentially reduce transaction costs compared to traditional remittance channels,” the bank wrote in early August. In addition, global investment bank JPMorgan said in June that the move by El Salvador could be “the beginning of a broader trend among similarly situated, smaller nations.”

Do you agree with Edward Snowden? Please let us know your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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