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The People Speak: After El Salvador, How Long Until BTC Takes Over The World?

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Here at Bitcoinist, we’re going to let the people speak. It’s been one week since the first country adopted bitcoin as legal tender and we’re already thinking about the hyperbitcoinization of the whole world. That’s enthusiasm for you. The fact that a sovereign country is exposed to bitcoin – the asset – in this way puts in motion several scenarios that all lead to a Bitcoin future. The process could take years, though. Decades.

So, as our first massive Twitter survey, Bitcoinist asked:

With Bitcoin becoming legal tender in El Salvador, how long until it becomes the global reserve currency?

The answers will surprise you.

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So, as our first massive Twitter survey, Bitcoinist asked:

With Bitcoin becoming legal tender in El Salvador, how long until it becomes the global reserve currency?

The answers will surprise you.

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The People Speak: Hyperbitcoinization When?

Bitcoin will become the global reserve currency in “5 to 10 years,” according to 32% of our Twitter followers. They are the majority, but the survey was close. Really close. Both “1 to 5 years” and “more than 10 years” got around 23%, and “Never” got almost 22%. Bitcoinist’s first global survey got a total of 616 votes, so the results represent a sizable sample of the human population… that reads about Bitcoin.

To summarize what happened in El Salvador: the government decided to adopt bitcoin as legal tender alongside the dollar. The IMF rejected their request for help incorporating bitcoin into El Salvador’s economy. With the CABEI’s help, they did it anyway. Analyzing what this all means for the ecosystem, Bitcoin Magazine said:

“This game theoretic move by Bitcoin will start a chain reaction among other countries to adopt bitcoin, help bank the unbanked, and protect the purchasing power of those who adopt it from the rampant printing of fiat by all Nation States.”

And according to you all, the process will take 5 to 10 years to complete. Isn’t that figure too conservative? Haven’t things gone extremely fast lately? At the beginning of the year, who would have thought a nation-state would adopt bitcoin as legal tender? But hey… who are we to judge your answers? The plan was to let the people speak and the majority said that hyperbitcoinization will arrive in 5 to 10 years.

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The Experts Speak: A Global Reserve Currency

The experts are people too. And here at Bitcoinist, we have an ample archive of quotes and reports from the best Bitcoin minds around. Let the people speak! What do the experts say about bitcoin becoming the global reserve currency? Well, they’ve basically been preaching that all of this was going to happen for years.

Author of “The Price of Tomorrow,” Jeff Booth said on The Keiser Report:

“First of all, I see Bitcoin as a likely, a very likely candidate for a world reserve currency. So, I see it has a really good chance of winning over time as it works on a network effect.”

Max Keiser himself once said: 

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“That emission schedule of coins coming on every ten minutes makes bitcoin the central bank of the world with the most rock-solid monetary policy there is.”

And as to why this has any change to happen, we once quoted investor, podcaster and author, Preston Pysh:

Pysh sees Bitcoin as a likely contender to become the “different form of money” because “it’s the option none of the governments want, but it’s also the solution they can’t easily stop.” 

As a sidenote, check out what other experts said to the question: could it be too early for a country to adopt bitcoin as legal tender? Our TALKING HEADS’ answers will also surprise you.

BTCUSD price chart for 09/15/2021 - TradingView
BTC price chart for 09/15/2021 on OKcoin | Source: BTC/USD on TradingView.com

The People Speak: Twitter Comments

Some of you had extra emotions to express. It isn’t just about the years to the inevitable Bitcoin future of mankind, some of you had other concerns on your minds. Some of them related to the subject at hand, some of them not so m

uch. 

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Here’s a selection of the coolest comments our survey received. 

Luis Martins said:

“Unfortunately human intelligence may need endless time to reach that time and the universe is ending before. But the ones who see the light should push in that direction, because it’s the correct direction”

Edgar Pineda said:

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“I think Bukele is doing the best for El Salvador,I hope Salvadorean wouldn’t let him down.”

And Tim raised a profound question:

“Isn’t it already a global reserve currency?”

Food for thought. Maybe… maybe bitcoin already won? How are people all over the world effectively storing value? Is… is bitcoin already a global reserve currency?

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Bitcoin Drops as China Declares Crypto-Businesses Illegal

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  • China declared that cryptocurrency-related businesses are illegal
  • Bitcoin, Ether, and stablecoin Tether do not qualify as legal tender in China
  • BTC drops in price as the announcement went out

Once again, China reiterated its antagonistic stance on Bitcoin and the cryptocurrency industry as a whole.

In an announcement, the People’s Bank of China (PBOC) mentioned that BTC, ETH, and USDT are not legal tenders in China. They added that these cannot be used in the currency market.

Additionally, the central bank deemed all crypto-related businesses as illegal. This includes overseas exchanges serving residents within China and derivative transactions.

Following the news, Bitcoin’s price fell by almost $2,000 as the news circulated. This has been a common pattern whenever China FUD comes out.

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Earlier, China also reiterated its stance on crypto trading and mining while testing the Digital Yuan. According to the PBOC, it will continue releasing regulatory pressure over the crypto trading industry.

Despite the negative news, many analysts remain bullish on Bitcoin and the cryptocurrency industry as a whole. According to analyst Lark Davis, this is not new and will happen again in the future.

In a tweet, Davis mentioned that “The year is 2025, #bitcoin has just corrected from 400k to 250k on China banning BTC fears.”

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Can Bitcoin Surpass $6,000,000? Ethereum and Polkadot Creator Details Possible Future of Crypto

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Early Bitcoin developer and co-founder of Ethereum and Polkadot, Gavin Andresen, is outlining a future where BTC rises to a staggering $6,000,000 per coin.

Gavin Andresen, who took over as Bitcoin’s lead maintainer from founder Satoshi Nakamoto in 2011, just published a new blog post detailing how BTC’s theoretical evolution could look.

Andresen describes a “possible” scenario where Bitcoin hits a price tag of $6,000,000 by 2061, transaction fees 326x higher than they are now, and the blockchain is used chiefly by whales.

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“Imagine: it is the year 2061. The BTC price is six million US dollars – equal to about a million 2021 dollars because of inflation.

Miners are being rewarded 0.006103515625 BTC per block, plus transaction fees of about 5 BTC for 4,000 or so transactions ($7,500 per transaction).

But most BTC transactions don’t happen on the BTC network. Most BTC is locked up in multi-signature outputs secured using multiparty computation and mirrored on another chain as ‘wrapped’ tokens.”

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In his scifi scenario, Andresen says those who do remain on Bitcoin’s network will be incentivized to keep it alive.

“The transactions that do occur on the main BTC network are high-value, mostly between super-whale-size holders…

These whales maintain the BTC network forever. They are the miners and the transaction creators; they don’t care how high transaction fees go, because they receive as many fees as they pay.”

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However, Andresen says that by 2100, even those users would likely leave the blockchain.

“In the year 2100 the whales notice that the mining reward is basically zero… Eventually, there are zero new BTC being produced on the BTC network, and zero BTC circulating on the BTC network. There is nothing left to secure, and the chain stops.”

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

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Top Analyst Maps Bitcoin and Cardano Price Trajectories, Warns Best Entry Point for ADA May Be Gone

Crypto trader Michaël van de Poppe is looking at what’s ahead for Bitcoin (BTC) and the smart contract platform Cardano (ADA).

The analyst tells his 420,000 Twitter followers that the best entry point for Cardano may be gone after the asset bounced off a key support level at $1.86.

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“If you want to get into Cardano, this was the region where you would want to get into it, and the higher low that might be created.

So based on the daily timeframe, the best entry might be gone, but you’re still getting a better entry than the ones who have been buying around $2.80.”

Van de Poppe is now looking to see if ADA can turn resistance at the $2.37 level into support.

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If the markets correct further, he is keeping an eye on the $2.15 level as a potential buy zone.

“When you’re looking at the four-hour time frame, I think you’re getting the exact same view as what you have right now on Bitcoin and [Ethereum], actually. So you’re going to look for an entry point which is around the fact of $2.15, so anything in this region might be a good entry point if we get a corrective move.”

Looking at the Bitcoin pair, van de Poppe thinks that ADA will most likely consolidate briefly after retesting support at its previous all-time high.

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“We can see that we’ve had a beautiful retest of the previous high here too, and therefore some consolidation is most likely going to take place before we’re going to have new impulse waves.

So both the USDT and BTC pair are looking for continuation, and I think that’s just great, and I think that’s just what we want to see with the markets right now.”

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