Even though none of us like Gary for what he has done for the crypto industry. But we should be realistic and accept the fact that turning bitcoin into a currency is a difficult task and the chances of it happening are almost zero.
For a country like the USA, it's difficult, but in general, it’s not impossible if a country is willing, and El Salvador is living proof of that. However, I don’t think we should take his statement too seriously. Investors in the US are probably fine with Bitcoin’s current status. As long as they can use it and the government acknowledges it, they likely don’t expect it to become a legal currency like the USD.
We keep mentioning El Salvador because it is the first and so far only country to consider bitcoin as a legal currency. But I wanted to ask, is anyone here from El Salvador or knows what's going on there? Are they really using bitcoin to replace fiat money in everyday payments or do they still use fiat and just consider bitcoin as an investment like us? If you follow the news about them, you will see that Nayib just wants to buy more bitcoin every day and consider it as a strategic reserve instead of encouraging people to use bitcoin as an alternative currency to fiat. So I'm really skeptical about what's going on there.
I don't care what Gensler says, but I have long since stopped believing that bitcoin will ever become a global payment method. I don't think governments would be happy with that idea, especially a power like the United States when they want the world to depend even more on their dollars. But as long as the United States does not accept it, this idea is unlikely to become a reality .