The use of cryptocurrency is has increase over the years as many people now see crypto as an alternative to the fiat. My question is if the government legalize cryptocurrencies are means of payment, what will be the implications on the global economy?
Each country has its own government and you need to proceed from this. If the government of one country legalizes bitcoin, it will have no effect. But there are also details here: we are talking about small and weak countries, like El Salvador, changes in which have no effect on the rest of the world. The picture is completely different if bitcoin is legalized in an influential country like the United States and China. The consequences will be colossal. The catch is that strong countries are very reluctant to move in the direction of bitcoin adoption, in contrast to, for example, El Salvador, which took such a step not from the best life.