On March 21, it was reported that Honduras may be the next country to officially recognize Bitcoin as legal tender after El Salvador. El Salvador should not be the only country "fleeing dollar hegemony", the country's president, Xiomara Castro, reportedly said.
Immediately, on March 23, the Central Bank of Honduras officially issued a statement on Wednesday, clarifying that Bitcoin is not regulated locally and denying previous rumors that Honduras will set Bitcoin as legal tender.
However, it is certain that the Central American country has a strong interest in cryptocurrencies. According to an August 2021 report, Honduras earlier launched its first bitcoin and ethereum ATM in the capital, Tegucigalpa, allowing users to buy digital assets using the local currency, lempira.
A week ago, a long article "Sanctions, Gold and Bitcoin" written by BitMEX founder Arthur Hayes was widely circulated on the Internet, and aroused positive discussions among industry insiders. In the article, Hayes argues that as the United States and the European Union confiscate the Russian central bank's fiat currency reserves and remove certain Russian banks from the SWIFT network, it will trigger the decline of fiat currencies such as the US dollar, which means that the petrodollar/Eurodollar monetary system will continue to decline. end. The era of gold and Bitcoin as central bank reserve currencies is upon us.
Gold vs Bitcoin
Gold: "If you don't own it, you don't own it."
Bitcoin: "Not your keys, not your coins."
Even a legal guarantee that you'll get your assets on demand is not enough if you can't physically access the vault, or insert a USB stick to access your deposits anytime you want. There should be no institution, person or procedure preventing you from accessing your funds immediately. Because the fiat currency reserves of the Russian central bank can be confiscated, not to mention the personal assets of the year?
The reason why central banks buy gold instead of Bitcoin is purely based on historical precedent. However, the physical transaction of gold will bring great inconvenience to central banks or enterprises and individuals, and will generate a large degree of incidental costs (such as transportation, security, testing, etc.). We can fully believe that over time some central banks may get tired of shipping gold around the world to buy commodities. They prefer to conduct a small but growing number of transactions in digital currency, which is naturally Bitcoin.
Whether you have 1 satoshi or 1000 bitcoins to store, all you need is a public and private key consisting of a string of characters. It weighs almost zero and can be accessed anywhere there is internet. From a storage and transfer perspective, this is Bitcoin's value proposition relative to gold. On a personal level, if you think you should spend and save gold, the psychological leap to spend and save bitcoin is trivial.
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Who will be the next country to recognize Bitcoin as legal tender? We can't be sure yet, but it is certain that in the future, El Salvador will not be the only country that recognizes Bitcoin as legal tender. Bitcoin will be one of the important choices for the world's daily transactions in the future. Here, each of us should learn how to trade and buy Bitcoin.