So I have been following the progress in El Salvador on the BTC adoption, and I think that the entire world is watching. this means that El Salvador can show other countries that adoption can work or will fail. It is kind of a ‘make or break’ moment for the adoption of BTC, if it turns out to work in El Salvador and they can partly detach from their bond with the USD other countries with weak currencies will follow suit.
So the rate of adoption might lie in the hands if a relatively undeveloped country, this means that big banks and other governments that are against the rise of BTC have the opportunity to do something about this adoption. (SEC sued Coinbase the day El Salvador implemented their BTC law, and they give absolutely no explanation to why they are suing, coincidence? I think not)
in other words the adoption rate of BTC lies in the hands of an Trump wannabe (Nayib Bukele) in a country of only 6.5 mill inhabitants who are all surprised by this change in economic direction. whereas developed countries and banks are incentivised to kill this field experiment to show the world BTC is not ready for adoption, so they can keep their printers running and keep the fee machine they call a financial system turning.
What do you think about this current attempt to break free of the USD by using BTC? Will it work? Will it fail? do you think other countries will follow their example?
love to hear some opinions.