Bitcoin
Edward Snowden: Competing Nations Under Pressure to Acquire Bitcoin After 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
Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the use or reliance of any content, goods, or services mentioned in this article.
-
Bitcoin3 years agoDigital Currency Group wraps up $600 million debt capital raise
-
NFT3 years agoDRepublic launches a combined NFT platform, ‘MetaCore’ Using EIP-364
-
Bitcoin3 years agoSalvadoran Ecologist Claims Nayib Bukele’s Volcano-Powered Bitcoin Mine Will End in Environmental Disaster’
-
Bitcoin3 years agoWhere to buy Dogelon Mars after falling 15% on Thursday
-
Bitcoin3 years agoAre you a Star Atlas fan?
-
Bitcoin3 years agoAstra Protocol provides identity protection for The Sandbox users
-
Bitcoin3 years agoIndian Government Answers Questions about Bitcoin Transactions, Karnataka Scam and Legality of Crypto Trading
-
Ethereum3 years agoEthereum prices skyrocket but Ether Gas Fees surge, fueling costly transfers