Here at Bitcoinist, we’ll let people talk. It’s been a week since the first country adopted bitcoin as a legal tender and we’re already thinking about hyperbitcoinization around the world. This is enthusiasm for you. The fact that a sovereign country is exposed to bitcoin, the asset, thus sets in motion several scenarios leading to a future of Bitcoin. But the process can take years. Decades.
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So, as the first massive Twitter poll, Bitcoinist asked:
With Bitcoin becoming legal tender in El Salvador, how long until it becomes the global reserve currency?
The answers will surprise you.
With #Bitcoin becoming legal tender in #El Salvador, how long does it become the global reserve currency? @nayibbukele
– Bitcoinist.com (@bitcoinist) September 7, 2021
People talk: hyperbitcoinization When?
Bitcoin will become the world’s reserve currency in “5 to 10 years,” according to 32% of our Twitter followers. They are the majority, but the poll was close. So close. Both “1 to 5 year olds” and “over 10 year olds” got around 23% and “Never” almost 22%. The first global Bitcoinist poll garnered a total of 616 votes, so the results represent a sizeable sample of the human population … that reads about Bitcoin.
To summarize what happened in El Salvador: the government decided to adopt bitcoin as the legal tender currency alongside the dollar. The IMF rejected its request for help to incorporate bitcoin into El Salvador’s economy. With the help of the CABEI, they did the same. Analyzing what all this means for the ecosystem, He told Bitcoin magazine:
“This theoretical movement of the Bitcoin game will initiate a chain reaction among other countries to adopt Bitcoin, help bank non-banks and protect the purchasing power of those who adopt it from the unbridled printing of fiat by all nation states.” .
And according to all of you, the process will take 5 to 10 years to complete. Isn’t that too conservative a figure? Haven’t things gone extremely fast lately? Earlier this year, who would have thought that a nation-state would adopt bitcoin as a legal tender? But hey … who are we to judge your answers? The plan was to let people talk and most said that hyperbitcoinization will come in 5 to 10 years.
Experts speak: a global reserve currency
Experts are people too. And here at Bitcoinist, we have an extensive archive of quotes and reports from the best Bitcoin minds around the world. Let people talk! What do experts say about Bitcoin becoming the global reserve currency? Well, they’ve basically been preaching that all this would happen for years.
Author of “The Price of Tomorrow” Jeff Booth told The Keizer Report:
“First of all, I see Bitcoin as a likely, very likely candidate for a global reserve currency. So I see that it has a very good chance of winning over time as it works with a network effect. “
Max Keizer himself once said:
“This ten-minute coin issuance program makes Bitcoin the world’s central bank with the strongest monetary policy in place.”
And why is this happening with some change, once we quoted investor, podcaster and author, Preston Pysh:
Pysh sees Bitcoin as a likely candidate 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.”
In summary, see what other experts said about the question: could it be too soon for a country to adopt bitcoin as a legal tender? The answers from our TALKING HEADS will also surprise you.
BTC price chart for 09/15/2021 on OKcoin | Source: BTC/USD on TradingView.com
The People Speak: comments on Twitter
Some of you had extra emotions to express. It’s not just the years of humanity’s inevitable Bitcoin future, some of you had other concerns in mind. Some of them related to the topic at hand, others not so much.
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Here is a selection of the most interesting comments our survey received.
Luis Martins said:
“Unfortunately, human intelligence may need endless time to reach this time and the universe ends sooner. But those who see the light should push in that direction, because it is the right direction. “
Edgar Pineda said:
“I think Bukele is doing his best for El Salvador. I hope the Salvadorans don’t let him down.”
I Tim stood up a deep question:
“Isn’t it already a global reserve currency?”
Food for thought. Maybe … maybe Bitcoin has already won? How do people around the world effectively store value? Is … is bitcoin already a global reserve currency?
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