Beautiful Virgin Islands

Tuesday, Jun 03, 2025

Which Country is Next To Adopt Bitcoin?

Which Country is Next To Adopt Bitcoin?

Both El Salvador and Paraguay have signaled their pro-Bitcoin intent. But as pointed out by @GaryLeland, Brazil and Panama have also declared an interest in following suit.

This then begs the question, which other countries also intend to adopt Bitcoin? More so, given the mainstream aversion to the leading cryptocurrency, why is this happening?

Could El Salvador Really Formally Adopt Bitcoin?

The President of El Salvador, Nayib Bukele, dropped a bombshell on Saturday after he said he would introduce a bill to Congress this week for the formal adoption of Bitcoin as a legal tender.

If successful, El Salvador would be the first country to officially use the cryptocurrency to attract investment and enable more residents to participate in the formal economy.

This was soon accompanied by a tweet from Bukele doubling down with no capital gains tax on Bitcoin and immediate permanent residency for crypto entrepreneurs.

The comments were flooded by crypto enthusiasts, including Binance CEO Changpeng Zhao, indicating their approval and expressing an interest in moving there.

Bukele has come forward to say his reasons for endorsing Bitcoin are many. But ultimately, it comes down to improving economic prosperity and financial inclusion in a country where 70% of people do not have access to banking or credit.

Remarkably, 20% of El Salvador’s GDP comes from money sent home from migrants. This brings additional struggles with international transfer fees and legacy inefficiencies, which sometimes means it takes days for funds to clear.

Dollar Printing Issue

Another reason for El Salvador’s Bitcoin stance comes from the Fed’s money-printing policy, which has been rampant over the last year or so.

“the U.S. Federal Reserve has dramatically expanded the supply of circulating U.S. dollars, as measured by the M2 money stock, from $15.35 trillion in February 2020 to $20.26 trillion in May 2021. That’s an increase of 32 percent, unprecedented in modern peacetime U.S. history.”

While this helped ease the economic pain domestically, countries like El Salvador, have suffered a loss of purchasing power due to U.S monetary inflation.

The Fed showing no signs of easing up on its money printing policy. By formally legalizing Bitcoin, Bukele hopes to stablize El Salvador’s economy. Bukele said, in such circumstances, it becomes necessary to authorize a private digital currency, one independent of any central bank control, to mitigate the risks.

To answer the question of which country is next to formalize adoption of Bitcoin, based on the above, that should be every country affected by U.S monetary inflation.

Bitcoin-bull Anthony Pompliano tweeted that Senator of The Mexican Republic, Indira Kempis has posted a picture of herself with laser eyes.

Based on all of the countries signaling their pro-Bitcoin stance in recent days, there is clearly a Latin American theme going on.

Source: Which Country is Next To Adopt Bitcoin? – Fintechs.fi

Newsletter

Related Articles

Beautiful Virgin Islands
0:00
0:00
Close
Harvard Urges US to Unfreeze Funds for Public Health Research
Businessman Mauled by Lion at Luxury Namibian Lodge
Researchers Consider New Destinations Beyond the U.S.
53-Year-Old Doctor Claims Biological Age of 23
Trump Struggles to Secure Trade Deals With China and Europe
Russia to Return 6,000 Corpses Under Ukraine Prisoner Swap Deal
Microsoft Lays Off Hundreds More Amid Restructuring
Harvey Weinstein’s Publicist Embraces Notoriety
Macron and Meloni Seek Unity Despite Tensions
Trump Administration Accused of Obstructing Deportation Cases
Newark Mayor Sues Over Arrest at Immigration Facility
Center-Left Candidate Projected to Win South Korean Presidency
Trump’s Tariffs Predicted to Stall Global Economic Growth
South Korea’s President-Elect Expected to Take Softer Line on Trump and North Korea
Trump’s China Strategy Remains a Geopolitical Puzzle
Ukraine Executes Long-Range Drone Strikes on Russian Airbases
Conservative Karol Nawrocki wins Poland’s presidential election
Study Identifies Potential Radicalization Risk Among Over One Million Muslims in Germany
Good news: Annalena Baerbock Elected President of the UN General Assembly
Apple Appeals EU Law Over User Data Sharing Requirements
South Africa: "First Black Bank" Collapses after Being Looted by Owners
Poland will now withdraw from the EU migration pact after pro-Trump nationalist wins Election
"That's Disgusting, Don’t Say It Again": The Trump Joke That Made the President Boil
Trump Cancels NASA Nominee Over Democratic Donations
Paris Saint-Germain's Greatest Triumph Is Football’s Lowest Point
OnlyFans for Sale: From Lockdown Lifeline to Eight-Billion-Dollar Empire
Mayor’s Security Officer Implicated | Shocking New Details Emerge in NYC Kidnapping Case
Hegseth Warns of Potential Chinese Military Action Against Taiwan
OPEC+ Agrees to Increase Oil Output for Third Consecutive Month
Jamie Dimon Warns U.S. Bond Market Faces Pressure from Rising Debt
Turkey Detains Istanbul Officials Amid Anti-Corruption Crackdown
Taylor Swift Gains Ownership of Her First Six Albums
Bangkok Ranked World's Top City for Remote Work in 2025
Satirical Sketch Sparks Political Spouse Feud in South Korea
Indonesia Quarry Collapse Leaves Multiple Dead and Missing
South Korean Election Video Pulled Amid Misogyny Outcry
Asian Economies Shift Away from US Dollar Amid Trade Tensions
Netflix Investigates Allegations of On-Set Mistreatment in K-Drama Production
US Defence Chief Reaffirms Strong Ties with Singapore Amid Regional Tensions
Vietnam Faces Strategic Dilemma Over China's Mekong River Projects
Malaysia's First AI Preacher Sparks Debate on Islamic Principles
White House Press Secretary Criticizes Harvard Funding, Advocates for Vocational Training
France to Implement Nationwide Smoking Ban in Outdoor Spaces Frequented by Children
Meta and Anduril Collaborate on AI-Driven Military Augmented Reality Systems
Russia's Fossil Fuel Revenues Approach €900 Billion Since Ukraine Invasion
U.S. Justice Department Reduces American Bar Association's Role in Judicial Nominations
U.S. Department of Energy Unveils 'Doudna' Supercomputer to Advance AI Research
U.S. SEC Dismisses Lawsuit Against Binance Amid Regulatory Shift
Alcohol Industry Faces Increased Scrutiny Amid Health Concerns
Italy Faces Population Decline Amid Youth Emigration
×