United States will make bitcoin a legal tender

[Flow-er]

The drama continue to unfold as some countries are willing to adopt cryptocurrency as legal tender will others are willing to regulate it . This is what was seen with the adoption of cryptocurrency as legal tender in El Salvador , a recent one was made known in California and lots more still unfolding. It is true that the bitcoin is the reset for the economy because it will help fight inflation to the barest minimum. If the giant nations could take cryptocurrency as a means to settle both the public and private debts, use for paying taxes and lots more, we should expect full bull candle in the offing.

The one that interests me is what I read in the news on the prospect of the United States using the bitcoin as legal tender. This was explained by the senatorial candidate of the United States of America, Bryan Solstin. He made it known that he will make Bitcoin a legal tender if given the opportunity. "I will pursue the cause to make Bitcoin a legal tender on the floor of the Senate", he said. How he is going to achieve this is not known or could it be a campaign strategy? He could be luring the bitcoin enthusiast to voting for him, knowing fully well that they would vote for him massively.

 

[Shaf]

There will always be people who will like something while others dislike it in the same group. The tipping point can only come if they outnumber the ones who don't like it, or someone with more power than most of them likes it and enforces it.

With cryptocurrency, it's not surprising too see that some Americans politicians are in favour it. As far as it's not banned and cryptocurrency exchanges are allowed to operate there, it shows general acceptance.

Also, as a country that claims to stand for freedom and development, completely banning cryptocurrency would be detrimental to that status and can put the country behind it's counterparts who choose to work with it of it becomes successful in the future. The best thing this would be to try out ways to regulate it till they find something that works for everyone.

 

[libertasbella]

If they do, it'll be so they can tax it, and then another one will take its place right quick.

 

[minenovo]

Even if they have such an idea I doubt it will happen anytime soon. It will take a long time to test this and to actually implement it.

 

[Lens1000]

I think that United States using bitcoin as a legal tender is a speculative gesture. El Salvador was the first to use the bitcoin as legal tender and because of the countries and political leaders across the globe noticed that El Salvador have made many progress. The project that was executed within the short period that bitcoin was used as legal tender. The mind blowing projects that was embarked upon are very attractive and.this is what makes many countries wants to adopt bitcoin as a legal tender. The major thing is that most of the countries choose the bitcoin as a legal tender because the saw the potentials in the coin. It has the potentials to surge in the future. You could imagine the amount of money the country would get from bitcoin investments. The bitcoin could be used to store the country’s reserves. This will be another means of generating income for yourself. The senator made the statement because he knew the potentials in the bitcoin adoption. He is using this as a means to launch campaign in the crypto community in the United States.he Will be able to convince the bitcoin lovers with this statement and they may vote massively for him.

 

[Flow-er]

There will always be people who will like something while others dislike it in the same group. The tipping point can only come if they outnumber the ones who don't like it, or someone with more power than most of them likes it and enforces it.

With cryptocurrency, it's not surprising too see that some Americans politicians are in favour it. As far as it's not banned and cryptocurrency exchanges are allowed to operate there, it shows general acceptance.

Also, as a country that claims to stand for freedom and development, completely banning cryptocurrency would be detrimental to that status and can put the country behind it's counterparts who choose to work with it of it becomes successful in the future. The best thing this would be to try out ways to regulate it till they find something that works for everyone.

The bitcoin is definitely the focal point in the cryptocurrency space. It is the most popular cryptocurrencies in the crypto ecosystem . It digital assets gained popularity because it was used as by so many and as a result, it will serves as n advertisement for the pioneer coin. The adoption of bitcoin by El Salvador is definitely one of its kind and the achievements that was made by the government of El Salvador from the money gotten from bitcoin investment was very huge. Most of the project constructed from the bitcoin investment gains are life touching projects . With this, the critics will be able to repent and tend to agree with the development around bitcoin. The adoption of cryptocurrency, most especially the bitcoin by countries, institutional whales made it the best digital assets in history. The candidate for a senatorial district Solstein mentioned that bitcoin will be used as legal tender I the United States of America. The candidate is actually trying to lure the attention of the people for the election. With this statements, many cryptocurrency community will support him in the election.. the major thing is that the citizens will want the bitcoin to soar. Bitcoin is subjected to the market forces.

 

[ddude28]

I don't think it will ever be legal tender in the usa

 

[maidnagi]

Legalising bitcoin in the country will be a great shift in the economical condition. More exposure to the digital trading market and economic growth of the country.

 

[Sotherefore]

I don't really understand how bitcoins can be made a legal tender, if you are talking about legalizing bitcoins just like the country of El Salvador , I don't really think this may be of any in the sense that cryptocurrency is extremely volatile and if any country is making it as a legal tender , it may not really be the best for the economy of their country.

you can imagine a situation in which you are dealing with a high volatile currency that its value can decrease within a short period of time.

This might even expose you to some inconveniences of tightening your business capital because when the value of the currency you are using is reducing in value , you will always want to hold it till the original value is recovered.

I believe the cryptocurrency should be regulated and people who are investing in cryptocurrency should only does it base on their own personal decision and the government should not just have to enforce the blockchain technology to its citizen.

Although legalizing cryptocurrency will actually give a huge advantage to investors but it may not really be the best for the economy and the well-being of people who are engaging in business in the country.

 

[Suba]

United States will not make bitcoin a legal tender even though it is allowed for transaction payments, the US will treat cryptocurrencies as commodity goods such as stocks, bonds etc., so it will be subject to income tax, even for every transaction a minimum of $10,000 USD must be reported to the tax authorities.

 

[mavinshavin]

honestly currently, id say bitcoin is one of the top cryptos. becoming legal tender? that's a different story

 

[Kingsley]

It is indeed quiet difficult to completely change the base currency of any country into a new type of currency as this will most likely affect alot of things in such a country and if proper analysis is not done be taking steps address issues that might arise. If we look at the crypto currency generally we will discover that the coins are highly volatile which makes it very risky to hold up both in the short term and long term. Although that is what gives crypto currency the enormous market opportunities that it still hold.

But considering a country like the United state of America it would be very difficult for them weaken the United state dollars and settle for crypto currencies at this present day, as crypto currencies are still passing through the developmental stages . So on the current state of crypto currency it is not possible for them to accept it.