I have been pondering on the motion of making bitcoin a legal tender, if bitcoin becomes legal tender, it can be used in place of fait currency to purchase goods, used for transactions,etc.
For me, making bitcoin will take years because that motion will never be assigned by our financial institutions and central banks. The main reason is what we call;
Decentralisation of Financial Power
Removing the power to control money and financial asset from centralized body like; Central banks, and other financial institutions.
Thus our fait currency begin to operate in a decentralized system as bitcoin.
And we know that our governments,elites that take the will of the people at stake will be at the verge of losing everything if that occurs, meaning the system will be open and run by anyone at all that means freedom.
We all know bitcoin runs in a decentralized system, so making it a legal tender simply means the government will also have control over it and it system which wasn't the original motive of it
So two colliding forces, which can't be met at all.
I know El Salvador has bitcoin as a legal tender, but can only be used as a means of payment and transaction which also works in other countries.
IMF,World Bank, Central Banks of countries these are the major controllers and Most powerful institutional bodies,so imagine making this system decentralized.
What do you think will be the fate of our Economy..?
Let share our ideas on this guys.