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2021-06-11 10:13:37

Bitcoin: Why Bigger Countries Are Unlikely To Follow El Salvador's Lead

Bitcoin has had a volatile last couple of weeks with the Chinese Government crackdown on miners, IRS seeking more powers to get cryptocurrency data, and Elon Musk tweeting about his heartbreak.On the positive side, El Salvador adopted Bitcoin as a legal tender, and Tyler Winklevoss’s tweet sparked optimism among bulls that other countries may follow El Salvador’s lead.I disagree and don’t believe that other countries will be as receptive to the idea of Bitcoin as a legal tender.Further, I expect limited traction of BTC for business transactions in El Salvador.BTC's shortcomings as an alternative currency will become more apparent as we see data from El Salvador in the coming years.

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