“We, as the industry, won. Now we are just sorting out the details of what it means,” said IOG chief executive, Charles Hoskinson. He discussed El Salvador‘s adoption of Bitcoin as legal tender, in a recent video, titled, “Congratulations Bitcoin.”
Congratulations Bitcoin https://t.co/P9NHO01mMi
— Charles Hoskinson (@IOHK_Charles) September 7, 2021
Hoskinson opined that crypto tokens like Bitcoin stand for the “future of money.” Now, “the majority of people under the age of 25 have a positive view on cryptocurrencies, and a lot of them own them. That’s the future. Their children will grow up with those values and those beliefs about the nature of money,” he said.
The crypto industry certainly saw some major changes and according to Hoskinson, this was a “sheer moment for our entire industry regardless of whether you live in or outside the BTC sphere.”
Moreover, Hoskinson predicted that other nations could follow El Salvador’s footsteps in the future. He stated,
“In the coming years, many more nation-states will use crypto as part of their monetary policy, either as reserves in their central banks or using cryptocurrency rails for central bank settlements. Or potentially just simply taking a cryptocurrency as El Salvador has done and make it the national currency.”
Additionally, he stressed upon the significance of this development. He said that it,
“…legitimizes the belief that we should be in control of the money in our pockets and we should be ultimately be in control of how that money moves and who receives it.”
Other supporters added their viewpoints too. For instance, Edward Snowden, a former National Security Agency agent tweeted,
Today Bitcoin was formally recognized as legal tender in its first country.
Beyond the headlines, there is now pressure on competing nations to acquire Bitcoin—even if only as a reserve asset—as its design massively incentivizes early adoption.
Latecomers may regret hesitating https://t.co/mggfDk4v9z
— Edward Snowden (@Snowden) September 7, 2021
Having said that, the largest crypto token didn’t quite surge as expected. At press time, BTC was trading just above the $46.5k mark, having witnessed a 9% price correction in 24 hours.