El Salvador is the first country in the world that recognizes Bitcoin as legal tender. The race is on and more countries could follow soon to push Bitcoin adoption. Let’s take a look at some of the top nation-states that could make Bitcoin legal tender in 2022.
As the world economy teeters on the edge of collapse, more and more governments and nations seek protection from the calamity of the fiat standard. Alternative financial systems are rising. There is a permissionless, immutable, verifiable system, with a distributed global infrastructure, and it just so happens that it is also the only absolutely scarce property on the planet, Bitcoin.
Bitcoin adoption is not-optional. Which country will take position now?
10. USA (GDP-$20.90 Trillion)
- Finalist in the GOP Primary of 2016, Texas Senator Ted Cruz has been on a frenzy in support of Bitcoin. Cruz recently posted, ”I have a weekly Bitcoin buy setup, I’m a big fan of dollar-cost averaging.” Seems like he’s one of us, and Cruz read Nunchuk.io’s middle finger response to the Canadian authorities live at CPAC 2022.
- Cruz is one of the latest in what appears to be a growing bi-partisan coalition in Congress in support of Bitcoin, no doubt Dennis Porter has been putting in some major work in promoting positive legislation in the country and educating legislators on the technology.
- Numerous US states have come forth with legislation from legal tender, to being able to pay for taxes, and even tax breaks to miners.
- Local districts and counties have also been leading the way with the likes of Mayor Francis Suarez aiming to make the city of Miami the Bitcoin capitol of the world, the incentives of Bitcoin are too strong for the US to deny.
9. Russia (GDP-$1.48 Trillion)
- The removal of Russia from the centrally controlled international messaging system SWIFT has led to much blowback many mainstream economists and pundits refused to identify with the intervention.
- Russia will issue Mir Card with UnionPay of China after Visa and Mastercard have cut services from the country.
- With mining prevalent and Putin going against the central bank in their desire to ban Bitcoin, the fields are ripe for Bitcoin adoption and legal tender in Russia, 12% of the international market cap already resides within the country.
8. Ukraine (GDP-$155.58 Billion)
- Over $50 million in Bitcoin and ”crypto” donations have flooded into the Ukraine after their legalization of the technology and the conflict.
- As their banking services and access to banking services are naught in the breakout of conflict, citizens and those fleeing have the ability to carry their net worth free from capture to safety. The nation also has the ability to aid in their preservation of wealth through the adoption of the soundest money ever created or discovered, Bitcoin.
7. Argentina (GDP-$383.07 Billion)
- The President of Argentina has voiced intrigue and has long been rumored that the nation will adopt Bitcoin as legal tender, “Everything is possible. They say the advantage is the inflationary effect is largely canceled out,” President Alberto Fernandez said.
- Keep your eyes peeled, because it appears the signal has spread across Central South America following El Salvador.
6. Switzerland (GDP-$752.25 Billion)
- Lugano has adopted Bitcoin as ‘de-facto’ Legal Tender within the city. The Swiss have a long storied history with hard money and leading the world in banking.
- With the competition between Swiss Canton’s, regulatory dynamism is always higher then in the rest of Europe.
- Switzerland has already successfully established a flourishing bitcoin industry with reputable companies such as Bitcoin Suisse and start-ups like Relai.
- Adopting Bitcoin as legal tender in Switzerland may help to insulate from economic mismanagement of central planners and a global financial system on the brink. This would also aid in the Swiss maintaining their standing as a global financial leader.
5. Ecuador(GDP-$98.81 Billion)
- Author of ”Why Bitcoin” Andy Edstrom predicted Ecuador would be next to make Bitcoin legal tender behind El Salvador.
- The close relationship between the leader of Ecuador Guillermo Lasso and President Nayib Bukele of El Salvado may lead to a domino-effect with the neighboring states, and the region.
4. Nigeria (GDP-$432.30 Billion)
- Nigeria is another nation-state many see as a target for Bitcoin legal tender in 2022.
- Nigeria is the number two leading nation in the adoption of Bitcoin and has a deep grassroots movement. From the Lightning Network taking shape, to developers, and the African Bitcoin Trust with Jay-Z and Jack Dorsey, Nigeria may be the place that leads Africa into a new era.
3. Brazil (GDP-$1.4 Trillion)
- Brazil is another top candidate to take the next step in its adoption phase of Bitcoin, legal tender.
- Brazil is ahead of the US in some regards already providing a Spot Bitcoin ETF, as well as the capitol city putting Bitcoin on the balance sheet.
- Brazil has respected Bitcoin as a form a payment and has all but made Bitcoin legal tender.
2. Mexico (GDP-$1.08 Trillion)
- As with El Salvador, Bitcoin as legal tender in Mexico would be massive. Around $50 billion in remittances are sent to Mexico each year, adopting Bitcoin would lead to massive savings in transfer fees.
- Mexican Senator Indira Kempis is drafting legislation to make Bitcoin legal tender in the nation, many speculate Mexico is next on the list for adoption in 2022 with some on Twitter speculating Mexico will announce at Bitcoin Conference 2022.
1. Tonga (GDP-$510.00 Million)
- Lord Fusitu’a has been a huge Bitcoin proponent for the small island nation.
- Reports see Tonga making Bitcoin legal tender for the nation by 2022-2023.
- Fusitu’a, former parliamentarian in Tonga, also sat in on the historic Twitter Spaces the night Legal Tender was passed in El Salvador.
