Edward Snowden Believes El-Salvador’s Bitcoin Legal Tender Has Initiated Competition Amongst States

Edward Snowden, the famed whistleblower, is of the view that a sense of competition has sparked amongst nations who were in competition with El-Salvador as the Bitcoin legal tender has become effective in El-Salvador. He believes that the competing states are now feeling a sense of inferiority which will make them adopt similar Bitcoin tenders.

Edward Snowden had remained associated with the National Security Agency as its consultant for computers for intelligence. He was then called up by the top American agency, Central Intelligence Agency, also widely known as “CIA”.

Recently, Snowden, shared his viewpoint over the implementation of Bitcoin legal tender by the Government of El-Salvador. He was seen posting tweets in which he first appreciated the El-Salvador’s Government in successfully implementing the legal tender. He then suggested that the pressure is mounting upon El-Salvador’s competing states with regard to Bitcoin’s acquisition. They have come to believe that Bitcoin’s early adoption could be immensely beneficial considering the aspect of it being a “reserve asset”. However, in the future, the value of Bitcoin would be going to be massive thereby leaving the non-acquirers repenting their hesitations.

As planned, El-Salvador, successfully implemented the Bitcoin tender on the 7th of September, 2021. In El-Salvador, now there are two official national currencies, one is US Dollar and the other is Bitcoin. Even the country was able to buy its first Bitcoin dip ensuring future gains. The dip purchase was duly announced by none other than the country’s President Nayib Okele. He informed the local and international communities that the country has bought 550 units of BTCs.

Apart from Snowden, there are other globally known people, who share the same opinion with Snowden. Central American Bank for Economic Integration’s EP, Dante Mossi also believes that El-Salvador’s integration of Bitcoin isn’t going to be the last. He further suggested that if El-Salvador is able to achieve desired results, then further nations would be looking forward to granting legal tenders. They would want to grab the advantage of Bitcoin depending on the outcome of El-Salvador’s adoption, said Mosse.

There is a wide list of spectators, such as Bank of America, which have glued their eyes on Bitcoin’s performance in El-Salvador. Bank of America appreciated that the use of Bitcoin for the purposes of remittances would greatly reduce the costs of transactions. This would certainly derive people away from traditional sources towards Bitcoin remittances.

When El-Salvador announced it was going to give legal tender to Bitcoin, the nations in the North American region disclosed their interest. They too were impliedly willing to test Bitcoin and even the experts from the international community started to insist upon replicating the initiative. In these circumstances, El-Salvador has now alleviated above the competition while putting its competitors in the sense of inferiority.