To Innovation - Breaking Politics, Economics, Crypto & IT News

learn more
Reporting from Watford, UK and LA, US since 1996
learn more

YouTubers try to be TikTokers

Shorter videos are a trend to hate or follow

Developing countries will follow El Salvador example

Bitcoin adoption will begin in less developed countries and conquer the World, Grayscale SEO considers

13.Sep.21 6:36 AM
By Shawn Highstraw


Developing countries will follow El Salvador example
Last week it was finally here. In Central American El Salvador, a new crypto law came into force that made bitcoin (BTC) legal tender. For the first time in history, cryptocurrencies were put on the same pedestal as fiat currencies in a country.

Many countries in the area watched developments in El Salvador closely. In a number of South and Central American countries, legislators have already looked into whether a similar law is acceptable.

According to the CEO of Grayscale, Michael Sonnenshein, it will be only a matter of time before other countries follow in the footsteps of El Salvador. The CEO of the crypto investment company states in an interview with Yahoo Finance that he sees certain regions of the world as the first to take this step.

Especially emerging countries where the economy is not yet as strong as in some Western countries are potential candidates, according to Sonnenshein. He states that even if governments in these countries are not ready to embrace bitcoin and other cryptocurrencies, the population is increasingly recognizing the benefits of crypto.

It is precisely the emerging countries where the adoption of bitcoin may come on an express train according to Sonnenshein:

“If we ask ourselves where the adoption rate is highest, it is in emerging countries. Places like Africa, Southeast Asia and parts of South America.”

He also sees developments in El Salvador as extremely positive for the country's population. However, this population itself has a different opinion on this at the moment. At least 70% of El Salvadorans see no use whatsoever in the new crypto law and a vast majority have no interest in bitcoin or crypto at all.

Nevertheless, El Salvador could be the first sheep to cross the bridge. If the experiment in El Salvador is successful, it will not be long before other countries follow. According to Sonnenshein, these are the first countries where the economy is not yet in the best state.

Back to the list

Related Information: