September 8, 2021

Charles Hoskinson foreshadows acceptance of bitcoin by other countries following El Salvador

Charles Hoskinson foreshadows acceptance of bitcoin by other countries following El Salvador

Other countries will follow El Salvador's example and legalize bitcoin. That's the opinion expressed by Charles Hoskinson, founder and head of IOHK, the company behind Cardano.

In a recent video, Hoskinson called the entry into force of a law recognizing the first cryptocurrency as legal tender in El Salvador a great victory for the industry. He said the move reinforced his belief that people should be in control of their money.

Most of those under 25 are positive about digital assets. Many of them own them. It's the future. Their children will grow up with similar values and beliefs about the nature of money, said Cardano's founder.

Hoskinson is convinced that El Salvador will not be an isolated story and that other governments will give the green light to bitcoin.

In the coming years, many states will start using cryptocurrency as part of their monetary policy, either as part of central bank reserves, or for settlements with monetary regulators in other countries, or simply, like El Salvador, make it a national currency, the IOHK CEO speculated.

According to Buybitcoinworldwide, the governments of Bulgaria and Ukraine have purchased 213,519 BTC and 46,531 BTC as reserves, respectively. Together, they hold 1.237% of the first cryptocurrency issue.

Former NSA and CIA official Edward Snowden said other nations may regret their indecision.

There is now pressure on other countries to buy bitcoin, at least as a reserve asset, he stressed.

Recall, similar thoughts to Hoskinson were expressed by Binance CEO Changpeng Zhao.

Earlier in Panama Parliament introduced a bill to regulate the use of digital assets as a means of payment.

Prior to that, Argentine President Alberto Fernandez did not rule out the legalization of bitcoin.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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