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Among the arguments used by Bitcoin's opponents, there is one that has come up frequently since Bitcoin's creation. To listen to these opponents, no one uses Bitcoin. And the few people who do use it do so only for illegal activities.
To listen to these opponents of Bitcoin, Bitcoin is only used for money laundering or various types of trafficking.
The figures published by various analysis companies year after year have proven that this is totally false and that the US dollar is used much more than Bitcoin for illegal activities, but nothing has changed. These naysayers continue to propagate misconceptions that remain engraved in the minds of the general public.
Accused of being used only for speculation, Bitcoin will be adopted as an official currency by El Salvador
Since the beginning of the Bitcoin bull market rally in October 2020, these opponents of Bitcoin have been forced to change their tune. Faced with the evidence, they admit that Bitcoin is being used, but they will immediately qualify this by saying that Bitcoin is only being used for speculation.
Bad speculation that hurts the world. So Bitcoin is dangerous, according to these opponents. The goal is always the same: to scare the general public.
And then, in early June 2021, El Salvador's President Nayib Bukele announced to the world his intention to recognize Bitcoin as a legal tender in his country.
This proposed law will have to be passed by the Congress of El Salvador before it becomes a reality. In any case, it is a strong signal sent by El Salvador to the rest of the world. Nayib Bukele explains that Bitcoin will be used alongside the US dollar, which is currently the country’s official currency.
For the president of El Salvador, Bitcoin will make it easier for Salvadorans living abroad to send money back home.
Bitcoin will be a real game-changer for over 70% of unbanked Salvadorans
This is a bold move by Nayib Bukele, who believes it will create jobs in the short term while contributing to the financial inclusion of thousands of people outside the formal economy. It must be said that 70% of Salvadorans do not have access to a bank account. Bitcoin would give them direct access to basic banking services.
El Salvador’s economy relies heavily on remittances, i.e. money sent from abroad, which represent 20% of the country’s GDP. Current services charge prohibitive fees and can take days to arrive while having to be picked up in person.
For President Bukele, “Bitcoin will improve the lives and futures of millions of people”.
In the wake of El Salvador’s announcement, several other South American countries have decided to publicly embrace the Bitcoin revolution. This ranges from Paraguay to Argentina, Panama, and Nicaragua. Many Brazilian politicians are also starting to give Bitcoin a wide berth.
Official recognition of Bitcoin in these countries would be a response to the will of the people, who did not wait for an official authorization to massively use the digital currency invented by Satoshi Nakamoto at the end of 2008.
For all these countries, Bitcoin is an opportunity to be seized to find a solution to the American dollar system which leaves them little chance of a better future.
If you look beyond the comfort of the West, you will see that Bitcoin is already a necessity for millions of people
Despite its opponents, Bitcoin is much more than a speculative tool. It is above all an indispensable tool for millions of people around the world. Last week, it was in Lebanon that we could see why Bitcoin was already a necessity for the people while the central bank enforced a decision of the political power to deprive the people of the freedom to use their money as they wish.
Now it is in El Salvador and many other South American countries that Bitcoin will be used more and more.
Bitcoin will change the lives of millions of people for the better, and Bitcoin will quickly become a plan A, if it isn't already. The only difference here is that the governments of these countries will actually recognize Bitcoin. So Satoshi Nakamoto's vision of a neutral, apolitical currency that would be used around the world is still moving forward block by block.
While some in the West are obsessed with the short-term price of Bitcoin, it's time to take a look at what's happening elsewhere in the world.
For it is in the emerging countries, where monetary inflation is taking its toll and corrupt leaders are making arbitrary decisions contrary to the interests of their people, that the use of Bitcoin will develop most rapidly. For these millions of people, Bitcoin will allow inclusion in a new and much fairer monetary and financial system.
Final Thoughts
The only question that remains, in my opinion, is what attacks will be used by Bitcoin's opponents once more and more countries have adopted it. Perhaps they will go so far as to say that Bitcoin is only used on Earth, and not elsewhere in the galaxy...
I'm kidding, of course, but you know they'll do anything to denigrate Bitcoin in the eyes of the general public. So at your level, it is essential to focus on the facts and only the facts. If you do, you will understand why the success of Bitcoin in the future is inevitable.
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