We have now reached the end of 2021. A year in which Bitcoin (BTC) has reached multiple milestones. This is how Bitcoin achieved an all-time high with a record high of more than $68,000 (€ 60,000†and more and more large companies and individuals have started investing in Bitcoinas well as the Dutch. In October 2021, the first Bitcoin ETF launched in the U.S. Also in December 2021 the eighteen million eight hundred ninety-seven thousand five hundred and fifty (18,897,550) Bitcoin was minted, which means that Ninety percent of all Bitcoin is mined†
And perhaps the most important development of this year: the first country in the world to introduce Bitcoin as legal tender†
In which countries can you already pay with Bitcoin, what about the business community, and where are they not such a fan of the crypto currency? You can read it in this blog.
Despite the volatility of the crypto market, the president of El Salvador Bitcoin as the future of the country:
On June 9, 2021, El Salvador became the first country in the world to officially recognize Bitcoin as legal tender. Salvadoran President Nayib Bukele had proposed to recognize the world’s oldest and most popular cryptocurrency as legal tender. In the end, it turned out that the country’s legislators agreed and voted for the bill by a whopping 62 of the 84 votes in total, a large majority. The so-called Salvadoran BitcoinLaw was thus a fact. Bukele himself called it ‘history’.
The advantage of introducing Bitcoin as legal tender is that it is El Salvador financial advantages as more transactions will take place in and to the country itself and hopefully foreign investors will also show more interest in the country. In addition, transactions are executed faster† The big disadvantage, however, is that Bitcoin is very volatile is; and large price fluctuations are simply not so convenient for legal tender.
Many expected more countries to follow El Salvador soon, as curiosity and interest in Bitcoin and other cryptocurrencies such as Ethereum (ETH) rapidly increased. However, that did not happen (yet). El Salvador is currently (December 2021) the first and only country where you can officially pay with Bitcoin.
However, part of the business community already sees a lot of potential in Bitcoin and already accepts it as a means of payment.
So a number of large companies, such as restaurant chains, payment platforms and online stores, have already started accepting payments with Bitcoin. The top ten companies are listed below:
The American technology giant sells all kinds of computer-related software and products, which can now be bought by customers with Bitcoin.
PayPal allows purchases of Bitcoin, Bitcoin Cash (BCH) and Ethereum, among others, within PayPal’s digital wallet. Since the end of March 2021 you can also pay directly with Bitcoin via PayPal.
It is currently possible to pay with Bitcoin at the Burger King in Venezuela, through a partnership set up with Cryptobuyer. As a result, Burger King Venezuela accepts payments in Bitcoin, as well as with a number of other cryptocurrencies such as Ethereum and Tether (USDT).
Like Burger King, the largest pizza restaurant chain in the world accepts payments in Bitcoin at locations in Venezuela.
Several Subway affiliates accept Bitcoin as payment for their sandwiches.
This American streaming platform, especially popular among gamers, accepts payment in Bitcoin for all services that Twitch offers.
Wikipedia, the company that operates the world’s largest open-source encyclopedia, accepts donations in Bitcoin. Payment is made via BitPay.
AT&T is the first major US telecommunications group to offer customers a crypto payment option through BitPay.
The Canadian e-commerce platform accepts more than 300 other cryptocurrencies in addition to Bitcoin and Ethereum.
The largest US e-commerce company does not (yet) accept Bitcoin directly, but you can pay for your purchases with Bitcoin via Purse.io. This site connects people who own Bitcoin and want to buy on Amazon with people who want to get Bitcoin in exchange for fulfilling an order.
This shows that in any case, the first steps have been taken and that the business community is ahead of the regulations of countries by accepting Bitcoin as a means of payment.
Do you want to know more about which companies accept Bitcoin as a payment method and why they do this? Then read this blog.
Developments in other countries
At the moment, it is mainly the case that countries react differently to Bitcoin and that many countries have not yet expressed themselves explicitly. Although crypto is legal in most countries in the world in terms of owning, trading and mining it† Many large and developed countries therefore allow the use of crypto in any case, such as the US, Canada, the UK and almost all of Europe.
There are also a number of countries that are considering or have already developed their own crypto currency. For example, the United Kingdom currently has plans for the ‘Britcoin’, a national digital crypto currency. The UK’s central bank has indicated that it will work out these plans in 2022, but is warning that the Britcoin is unlikely to be issued before 2025. Next to the UK the Bahamas already launched their own cryptocurrency last year, in order to make payments more efficient on the seven hundred islands of the archipelago. The central banks of Honduras and Guatemala are exploring this possibility.
There are also a number of countries that have expressed a positive opinion about the introduction of Bitcoin as legal tender. Following El Salvador’s lead, Zimbabwe is also considering accepting Bitcoin as legal tender† The Zimbabwean government is currently investigating how Bitcoin and other cryptocurrencies can be used as legal tender. Crypto has really taken off in Africa in the past year. Other countries that have spoken positively about Bitcoin as legal tender are Brazil, Panama and Paraguay† For example, Aureo Ribeiro, a federal delegate from Brazil, stated during an interview with local media in October 2021 that Bitcoin could soon become a recognized currency in Brazil. The politician stated that in the near future Brazilians may be able to buy houses, cars and even fast food at McDonald’s with cryptocurrency.
The CEO of crypto exchange Bitmex, Alex Hoeptner, has predicted that by the end of next year at least five countries will accept Bitcoin as legal tender.
My prediction is that by the end of next year, we’ll have at least five countries that accept Bitcoin as legal tender. All of them will be developing countries.
In the Netherlands and Belgium, the national government does not seem to be much concerned with the regulation of crypto. It therefore does not look like Bitcoin will be introduced as legal tender any time soon, but its ownership, trading and mining is allowed. However, legislation has been introduced from Europe and new legislation is on the way, which will make crypto more regulated.
A small group of countries will turn against all use of crypto by 2021, including China recently.
The country that took the hardest part against Bitcoin last year was China. China introduced a total crypto ban in September 2021, banning all transactions with Bitcoin and other cryptocurrencies. Because of Bitcoin’s decentralized system, the Chinese government can no longer control transactions, so it feels compelled to ban it altogether. The People’s Bank of China (PBOC) has pledged to crack down on the ownership, trading and mining of cryptocurrencies, as well as imposing strict controls on financial institutions, payment processors and online platforms. Well has China plans for its own crypto currency.
Probably one of the main reasons for not adopting Bitcoin as legal tender yet is its volatile nature and the as yet unknown consequences it could cause. Another reason may be that states do not yet consider the underlying blockchain technology mature enough or simply do not have enough knowledge about it. be well in the background at least the first steps have been taken with regard to regulation of Bitcoin and other crypto, which should be seen as a positive development because it makes cryptocurrencies more legitimate.
We are therefore very curious what awaits the crypto market in 2022 and which countries El Salvador will follow suit by introducing Bitcoin as legal tender. We’ll see if the prediction of Alex Hoeptner, that by the end of next year we will have at least five countries that accept Bitcoin as legal tender is coming out!
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