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Yes sir you are right. Every country's government knows very well about the Bitcoin network and the security of Bitcoin. But there are many countries that do not legalize Bitcoin in their country because no one has any control over Bitcoin. Considering all these aspects, many countries may not legalize Bitcoin in their country. But I think that with time everyone's opinion will change. Because Bitcoin will prove its worth and the value of Bitcoin may go out of hand sir. Because there are many people who are not aware of Bitcoin and almost all countries have made Bitcoin illegal except for a few countries. So now the price of Bitcoin has exceeded $120 thousand. So how much can the price of Bitcoin increase in the future. Then maybe many people or many countries may regret their actions.
Of course, countries are very aware of Bitcoin advantages and security, so they only legalize Bitcoin as a commodity, but do not recognize it as legal tender (as is the case in El Salvador) because the network operates outside the traditional financial system and is not regulated by financial institutions in each country. The transparency and recognition of Bitcoin as a commodity asset has led to its wider adoption, necessitating increased government oversight and monitoring of Bitcoin transactions to ensure they are not used for illegal activities.
The steps taken by several countries to regulate and supervise the use of Bitcoin and the increase in several institutional investors make Bitcoin able to easily spread its wings in the future, meaning that mass adoption and support from several countries even though it is only limited to commodity assets will change the views of those who have been skeptical about Bitcoin.
I truly agree with you on this, most countries are fully aware of bitcoin advantages and its security, it’s a commodity and not recognized by all as a legal tender because it operates outside their financial system. Believe me that with time and if those who invest in bitcoin will be able to treat bitcoin for what it stand for, and not just for a quick profit making, then I think bitcoin will likely be legalized in most of this country who are yet to embrace it. Most times people tends to venture into bitcoin with a wrong mindset of quick profit making and when they fail in their pursuit they get heavily disappointed and tend to have a negative feeling towards bitcoin. But if everyone who ventures into bitcoin investment should be able to have the right mindset of investing for the long term I believe the disappointment won’t be much and surely many others will embrace bitcoin.