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More sovereign nations adopting Bitcoin as legal tender could profoundly impact the market. El Salvador’s 2021 move and potential followers by March 2025—like Tonga or Paraguay—boost legitimacy, driving demand. Bitcoin’s price surged 30% post-El Salvador, hinting at similar upticks with wider adoption. It could spur institutional trust, pushing market cap past $2 trillion, and encourage broader retail use, especially in inflation-hit regions. However, risks loom: volatility (BTC hit $93,000 in February 2025) might destabilize small economies, as seen in El Salvador’s slow uptake. Regulatory backlash from major powers like the US or China could counter gains with bans or sanctions. Long-term, it may shift Bitcoin from speculative asset to currency, reducing volatility but challenging its decentralized ethos.
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