El Salvador’s Bitcoin acceptance is a major win for the cryptocurrency industry, Cardano founder Charles Hoskinson believes.
Following El Salvador’s historic adoption of Bitcoin (BTC) as legal tender on Tuesday, Cardano founder Charles Hoskinson predicted that a lot more countries will eventually follow in the Latin American country’s footsteps.
El Salvador’s Bitcoin acceptance further legitimizes the belief that people should be in control of their money, Hoskinson said in his “Congratulations Bitcoin” YouTube video on Sept. 7.
The Cardano founder expressed confidence that cryptocurrencies like Bitcoin are the future of money as the younger generation will inevitably trigger mass adoption of crypto. “The majority of people under the age of 25 have a positive view on cryptocurrencies, and a lot of them own them. That’s the future. Their children will grow up with those values and those beliefs about the nature of money” he said.
Hoskinson is not alone in thinking that El Salvador’s Bitcoin adoption will eventually push more countries to dive into crypto:
On Sept. 7, El Salvador officially became the first country in the world to accept Bitcoin as the official currency, requiring all local merchants to accept Bitcoin as a means of payment. Bitcoin subsequently experienced a major flash crash, with its price plummeting from around $52,000 to as low as under $43,000 on Tuesday.