Edward Snowden, a whistleblower and privacy expert, believes this is true. This is due to the fact that Bitcoin is accepted as legal cash in El Salvador. Read on to find out why governments should begin purchasing Bitcoin.
It was quite a spectacle last week, to say the least. This is about El Salvador becoming the first country in the world to accept Bitcoin as payment in exchange for cash. Because the value of the currency fell a little, the change was noticeable right away. In his widely publicised role as a whistleblower, Edward Snowden asserts that “competing countries are now under pressure to purchase Bitcoin, if only as a reserve asset.” “Those who are late may come to regret their hesitancy,” he said.
Countries are obligated to purchase Bitcoin
In addition to his work for the National Security Agency (NSA), Snowden has also worked for the Central Intelligence Agency (CIA) (CIA). Edward Snowden expressed his thoughts on El Salvador’s decision to recognise Bitcoin as legal cash on Tuesday. He wrote on Twitter:
Bitcoin was officially recognised as legal money for the first time today in a country. Putting away the headlines, there is now mounting pressure on competing governments to buy Bitcoin – even if it is simply as a reserve asset – due to the nature of the cryptocurrency, which strongly favours early adoption. Latecomers may grow to regret their decision to delay.
After taking effect on September 7, El Salvador’s Bitcoin law has made bitcoin a national currency, alongside the US dollar. The president of the Republic of El Salvador, Nayib Bukele, announced on Tuesday that his government has purchased 550 bitcoins.
Legal tender is a legal tender that is accepted by the government.
Snowden, incidentally, is not the only one who feels this way. ‘If the acceptance of Bitcoin as legal cash in El Salvador goes smoothly and the cost of remittances decreases dramatically, other nations are likely to seek and seize that opportunity,’ said Dante Mossi, the executive president of the Central American Bank for Economic Integration (CABEI).
And it goes even further: the Bank of America believes that adopting digital currencies, such as Bitcoin, as legal currency has numerous advantages over traditional currencies. They claim that Bitcoin may be utilised in a variety of applications, including cross-border transfers. It is possible that transaction costs will be cheaper when compared to ‘traditional’ banks.