CoinMarketCap, one of the world’s most trusted price-tracking websites for crypto assets, has recently conducted a survey about the next possible country to make bitcoin a legal tender.
As everybody knows by now, El Salvador was the first country in the world to pass a law that recognizes bitcoin as a legal tender. The country’s Bitcoin Law will come into effect this coming September.
The results of CoinMarketCap’s survey are both surprising and interesting, partly because the U.S. is included in the top 10 countries that are most likely to make bitcoin a legal currency.
Survey says…
Here is the current result of the website’s survey:
- Paraguay (81,433 votes)
- Venezuela (58,656)
- Anguilla (34,376)
- Panama (17,323)
- India (13,148)
- Zimbabwe (8,704)
- United States (7,823)
- Mexico (4,245)
- Ecuador (4,245)
- Bangladesh (4,104)
While South American and Caribbean nations dominate half of the survey, it can also be noted that most countries in the list have weak economies, which have undergone economic challenges such as inflation, hyperinflation, and deflation.
And with Bitcoin’s decentralized features, it makes a lot of sense for the countries with weak economies to adopt bitcoin as their legal tender.
Will the U.S. take the legal tender route?
The presence of the United States in the list is highly interesting, because if it ever recognizes bitcoin as a legal currency, then the decision could create massive ripples on the global economy.
But analysts say that a bitcoin legal tender in the U.S. is still highly unlikely. For one, the U.S. government, right from the very start, has always been concerned with bitcoin’s volatile nature and being an ideal tool for illegal activities.
Image courtesy of Cointelegraph News/YouTube
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