After the adoption of bitcoin as a legal tender in El Salvador, many countries announced to adopt this technology and make it legal for their people. According to them, that'll help them to overcome their financial shocks and helps to fight inflation.
Following are the countries that announced to adopt the technology of bitcoin.
- El Salvador: The president of El Salvador, Nayib Bukele announced to pass a law for the adoption of bitcoin.
- Paraguay: Congressman of Paraguay Carlitos Rejala showed his interest in the support of bitcoin.
- Panama: For the support of bitcoin and make it legal for the public congressman of Panama, Gabrial Silva showed his interest.
- Brazil: The government of Brazil also wants to adopt the technology of bitcoin in his country and for this, the State deputy of Brazil and Federal Deputy of Brazil, Fabio Ostermann, and Gilson Marques showed their interest on Twitter.
- Mexico: Mexico is another country on the list that wants to adopt the technology of bitcoin and showed interest in the legality of bitcoin in the country.
- Argentina: Argentina is one more country on the list that wants to adopt the technology of bitcoin in the country.
Is the decision of making Bitcoin legal in-country is a good decision?
As I mentioned the list of countries that want to adopt the technology of bitcoin in the country and want to allow their people to make daily transactions using bitcoin. The people of these countries have the view that bitcoin will help them to improve their financial position. But in my opinion, this is not a good decision, and the basic reason is the volatile nature of bitcoin. The Price prediction of bitcoin is too complex, if the price is one time on the peak, it'll not take much time to touch the ground. This actually happened some time ago, when the price of bitcoin falls and many investors faced loss.
This decision is beneficial only in the Short term but in the long terms, it's not the right decision.