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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.
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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.
With #Bitcoin becoming legal tender in #ElSalvador, how long until it becomes the global reserve currency? @nayibbukele
— Bitcoinist.com (@bitcoinist) September 7, 2021
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.
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:
“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.
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 much.
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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:
“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?
Featured Image by Gerd Altmann from Pixabay - Charts by TradingView
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