El Salvador officially implemented its bitcoin law in September. Making it the first and only country to have crypto as a legal tender. This represents a big leap in crypto becoming more mainstream. A long way from its humble beginnings, bitcoin is now a recognized currency before hitting its teenage years. Following the success of the launch have been many positive reactions to the law. With citizens posting on social media how easy and smooth it is to spend bitcoin in the country.
Cardano founder Charles Hoskinson also took time out to congratulate the country on this implementation. In a YouTube video, Hoskinson commented on this historic achievement to his 275K subscribers. The founder sees the implementation of bitcoin as a victory for the whole market. Hoskinson reflected on the humble beginnings of bitcoin. Explaining that when he had first joined the industry, it was just a community of a couple of tens of thousands of people. Now, the crypto industry has grown so much that it now boasts tens of millions of supporters around the world.
Old Friends And New Paths
The founder expressed his sadness at the loss of old friends along the way. Hoskinson pointed out that these people had contributed significantly to get the crypto industry where it is today. Mentioning the likes of Hal Finney, the first person to receive a bitcoin transaction. Who sadly passed away in 2014. And developers Mike Hearn and Gavin Andresen left the bitcoin project. “They added a lot to the dialogue and the conversation, and it’s sad to see them go,” said Hoskinson.
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Moving on, Hoskinson commended the growth of bitcoin to this point. Pointing out that the crypto has grown so much that it has now achieved a status where it is now the official legal tender for a nation-state like El Salvador.
“This is a moment for our entire industry, regardless of whether you live in the bitcoin sphere or outside of it, the altcoin sphere – the alternative coin – it is a moment to reflect how far we’ve gone in 12 years time. From a single inventor or inventors, small group, inspired by ideas that came a long time ago.”
Countries Need To Have A Crypto Strategy
The Cardano founder acknowledged the existence of differing opinions of industry members on how to deal with the growth of crypto. But instead diverted the conversation towards how other nations ought to respond to the implementation of a crypto legal tender in El Salvador.
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Hoskinson pointed out that innovations in the space have actually led to a point where every nation-state would need to have a crypto strategy in place. This would also include cryptocurrency regulation and more importantly, have a forward-looking view on how crypto will affect their national interests. “It is a pretty remarkable achievement,” Hoskinson said. “And it makes me proud to be in this industry.
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Following El Salvador’s bitcoin law, another North American country has made moves to introduce favorable crypto laws. The new bill will make cryptocurrencies a recognized alternative means of payment in the country. Allowing residents to be able to spend their cryptos.
Featured image from Forbes, chart from TradingView.com