As we all should know by now, El Salvador and the Central African Republic (CAR) are the only two countries in the world where Bitcoin functions as a legal currency.Despite free bitcoin and discounted gasoline offered to those downloading and using the cryptocurrency app(Chivo wallet for bitcon), download have stalled and use of bitcoin for daily life is not widespread in this countries.
I think this was a wrong move by the EL salvador President back in 2021, yes making Bitcoin legal tender could have posed the potential economic boost needed by the country but giving from money to persons who have no ideas what to do with it will never support economic growth.it will just be wrongly spent and misused
Are you saying that El Salvador is experiencing economic woes as a result of legalising Bitcoin? This may not be true and expecting that Bitcoin will be wildspread within three years of being legalised, is being unrealistic. It will take time for the people to adapt and accept the changes; they will have to make efforts at educating their people on how to use Bitcoin, and it is not an overnight something. Since they did not discard fiat entirely, they have to bring incentives that will encourage people to use Bitcoin, and this I think they are doing perfectly well.
.i will drop a list of countries that may accept bitcoin as legal tender,
Russia, Ukraine and USA, following when the war ends Ukraine is likely to accept bitcoin as a mean of rebuilding thier economic faster, this can also cause US and Russia to take action.
Venezuela is in a terrible state now and could take the unexpected step.
and Saint Kitts and Nevis which is a near Caribbean to El salvador, depending if Salvador fortunes change Guatemala, and Honduras may follow
I doubt that US will follow these countries in making Bitcoin a legal tender. They might feel it will be counter productive as it will have huge negative impact on the dollar. As for Ukraine and the other countries, it is very much possible. By default, Bitcoin is already being accepted in Ukraine by so many businesses including government institutions.