It goes without saying that cryptocurrencies have managed to become one of the biggest assets in the world. In the span of a few years, companies, countries, and even customers have started to accept crypto, not just as an asset class, but also as a type of currency that can and is competing with traditional fiat currency.
Various countries throughout the world now consider cryptocurrencies such as Bitcoin as legal tender. Therefore, civilians within the country are not only allowed to use cryptocurrencies but are actively encouraged to. And the crypto that most countries have gone on to accept is none other than the poster child of the entire industry, Bitcoin.
Bitcoin has easily become the most popular asset in the world right now. Not only has it been rising incredibly since its initial boom, but it has also become synonymous with cryptocurrencies as a whole. Usually, when people are talking about cryptocurrencies, they will refer to it as Bitcoin. It is quite similar to how Google has become synonymous with finding things online. So people no longer search for thighs online, they Google it. Therefore, it does beg the question, how many countries have started to accept cryptocurrencies?
In June 2021, El Salvador made history as the first-ever country to make Bitcoin a secondary legal tender in the country. To start off, each citizen got a state-issued e-wallet and $30 worth of Bitcoin. The country also offered its citizens a multitude of ATMs where they can exchange fiat currencies for Bitcoin and trade with other currencies.
Many believed this to be a game-changer and it was considered a big win for the crypto community. Because Bitcoin becoming an official secondary currency, it lends an air of legitimacy to the entire industry.
While El Salvador has officially allowed Bitcoin as a secondary tender, there are countries in Africa that have technically accepted crypto as an official currency. They just don’t have the government’s seal of approval. Since countries in Africa are suffering from some of the harshest cases of hyperinflation in the world, they needed to find alternatives to the rising prices. For many, it came by adopting the US dollar as a pseudo currency.
However, the US currency still inflates, leaving them with the same problem. But since cryptocurrencies don’t inflate like normal currencies, they instantly became a hit in the market. People started using cryptocurrencies without needing approval from the government.
With the different countries that have taken such an approach to cryptocurrencies, it has become obvious that Bitcoin will slowly become a more accepted form of payment in different countries.