El Salvador’s Bitcoin strategy, as devised by Max Keiser, a senior advisor to the country’s President Nayib Bukele, is purposefully designed to be easily replicated by other countries. Keiser claims that those who do not adopt Bitcoin may struggle to survive in the coming two or three generations. El Salvador has already made history by being the first country to accept Bitcoin as legal tender, an unprecedented move that has garnered global attention.
Keiser expressed his thoughts on the matter during a panel discussion at The Bitcoin Conference 2023. He believes that failures in central banks around the world will lead to a phenomenon he dubs “super hyper Bitcoinization,” which will rise in response to “super hyper inflation.” According to Keiser, this marks the beginning of the end for centralized banking systems.
The senior advisor thinks that Bitcoin was created to be a “central bank killer” and that its moment to take center stage has finally arrived. He emphasizes that there is a sense of urgency regarding the adoption of Bitcoin, especially in countries that have experienced central bank collapses, such as Lebanon. Individuals with Bitcoin managed to survive the collapse, and Keiser argues that this urgency is spreading across the globe.
As the U.S. Dollar’s position as the world reserve currency experiences a potential shift, urgency in the United States may also change. Keiser draws attention to the fact that the number of countries joining the BRICS group (Brazil, Russia, India, China, and South Africa) is increasing at a much faster rate than membership growth in NATO. This could signify a potential shift in geopolitical dynamics, as the BRICS group may eventually rival or outpace the Dollar’s dominance in the global financial market.
While El Salvador’s Bitcoin strategy may be admirable and innovative, not everyone is convinced that widespread adoption is as seamless or necessary as Keiser portrays. Some argue that recent Glassnode data suggests that Bitcoin’s price is not in a true bull market just yet, urging caution and thorough research before investing in cryptocurrencies. As the spotlight on Bitcoin’s role as a potential “central bank killer” intensifies, it remains to be seen whether other countries will follow in El Salvador’s footsteps or chart a different course altogether.
Source: Coingape
