Financial advisory firm deVere Group CEO Nigel Green expects that at least two more nations will adopt Bitcoin (BTC) as legal tender before the end of the year.
In a new company blog post, Green follows up on his January prediction after news broke that the Central African Republic this week became the world’s second country to formally recognize Bitcoin as currency.
“In January, I predicted that at least another three nations… would declare the world’s largest cryptocurrency legal tender in 2022. One now already has done so.
I expect Bitcoin will be adopted as legal tender in at least one more African and one Central or Latin American country before the end of the year.”
Green says that Tanzania is a likely candidate in Africa because in 2021 its central bank disclosed that it was drafting a presidential directive that would address cryptocurrencies.
Regarding nations in the Western hemisphere, the CEO says,
“In Latin and Central America, it could potentially be Paraguay or Mexico next.
A Paraguayan bill moving to regulate the trading and mining of Bitcoin and cryptocurrencies in the country passed the Senate in December, which is widely being regarded as the first step to making Bitcoin legal tender.
Meanwhile, I’m confident that a Bitcoin bill will be introduced to Mexico’s Congress this year [because several politicians] are going on record as saying they want their country to follow El Salvador’s example.”
El Salvador became the first nation to adopt a crypto asset as legal tender last year.
As to why he expects Bitcoin adoption in specific geographic regions, Green says,
“Adopting cryptocurrency currently is more attractive to those countries with a track record of financial instability.
In nations where the current national currencies don’t work as well as they should as a means of exchange, store of value and as a unit of account… Bitcoin is increasingly seen as the answer.”
The CEO concludes,
“First, El Salvador, now the Central African Republic – and this is just the beginning.”
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