Today, El Salvador became the first country in the world to officially recognize the cryptocurrency Bitcoin as legal tender. This week., The news, comes after its president, Nayib Bukele introduced legislation to accept the digital currency alongside the US dollar back in June, and started to build out new financial infrastructure with the digital wallet platform company Strike., Now famous Obama era, government whistleblower, Edward Snowden is predicting That El Salvador will be the first of many countries to accept Bitcoin and that everyone else risks being left behind.. Today we are going to talk all about what Edward Snowden just revealed about the crypto adaption., So watch this video till the end, because todays video is going to be a bomb. Welcome to XRP VAULT Land, your daily dose of XRP. If you are interested in everything around XRP, this is the place for you Subscribe. If you want to stay update with all the XRP news predictions and stay, one step ahead in the crypto world. Make sure to hit the like button for us to provide you with more XRP news.. Do not forget to enable ALL NOTIFICATIONS TO JOIN OUR WEEKLY CASH. Give AWAY PINNED IN THE COMMENTS Before we get to our topic lets take a look at the chart and see what the price of XRP is doing on 19th of August. Shall we Ripple XRP bulls have been very patient before getting in the price action. After the lateral move for three weeks, sellers took control at 1.

42 and made buyers quickly. Book gains. XRP bulls are now returning with a solid technical play upwards and going for the retest at 1.42.. Ripple price action is favoring bulls and sets 1.42 as a profit target. It will be essential for the price action in XRP that bulls can close the week. Above 1.09., This will confirm the soundness of the rally and will add doubting buyers to pull the trigger and get in for a long to that 1.42. Sellers on their side do not have many levels where they can go for a short entry. Around 1.36. Some resistance could occur where sellers will try to stop the retest of 1.42. With their access at 1.36, and their stops placed above 1.42 bulls will have the advantage to build momentum and price action could be translated in a quick pop higher, as those stops will be Ran up to 1.50. Now lets get back to the topic.. The whistleblower has highlighted how El Salvadors pawn to e4 move will pressure other nations to adopt bitcoin. The game. Theoretic facet of Bitcoin adoption might soon start playing out in global geopolitics. Famous whistleblower Edward Snowden tweeted about it yesterday, highlighting that Bitcoin favors, those that adopt it early, thereby putting pressure on other nations who might be penalized for being laggards.. Today, Bitcoin was formally recognized as legal tender in its first country tweeted Snowden on September 7.. Beyond the headlines, there is now pressure on competing nations to acquire Bitcoineven, if only as a reserve assetas its design, massively incentivizes early adoption.

Snowdens tweet quoted another from Bitcoin Magazines. Aaron van Wirdum, currently in El Salvador, which announced the journalists ability to pay for his McDonalds breakfast with bitcoin through the Lightning Network. Van Wirdum, said he wanted to test whether he could use bitcoin to purchase everyday goods at a mainstream global chain. When Bitcoin officially became legal tender in the Central American country. But low and behold McDonalds printed a ticket with QR code that took me to a webpage with Lightning invoice and now Im enjoying my desayuno traditional tweeted van Wirdum. Natural to a nascent form of money. Is its consistent growth in purchasing power compared to well established monetary goods as its adoption increases in society., A new moneys adoption is directly correlated to its ability to assume different and more practical use. Cases., A monetary good that isnt widely accepted has limited power and thus has fewer characteristics of fully fledged money.. Historically, new money starts as a collectible item.. Still as more people begin accepting it and using it, the new monetary good becomes used as a store of value. Then, as a medium of exchange and finally as a unit of account., The final stage requires, in theory that the money be largely accepted in the world, such a high level of adoption and monetary preference, that its volatility would diminish and make it suitable for that use. Case. In its early days, Bitcoin was seen by the mainstream, mainly as a gimmicky collectible, but recently the narrative has been shifting towards the store of value and digital gold use.

Cases.. However, El Salvador by adopting Bitcoin as legal tender, is already helping the infant money climb over the store of value use case into the medium of exchange one.. Although a global usage of Bitcoin as a medium of exchange depends on a much higher adoption rate globally, the grounds are being set. As the Salvadoran population and the countrys economy start benefitting from Bitcoins growing, purchasing power as a store of value and begin demonstrating actual usage. As a medium of exchange in the long run, game theory suggests that other countries are set to follow, suit. The fear of being left behind and the evident opportunity cost will put pressure on competing nations to store Bitcoin as a reserve asset or adopt it as legal Currency entirely., According to Snowden such dynamics will increase the pressure on countries that do not make haste to accept Bitcoin.. In the end, the growing backlog will play a cruel joke on them and they will be punished for their sluggishness.. Snowden believes that Bitcoin prefers those who accept it earlier, thereby putting pressure on other countries that fall. Behind.. The former CIA and NSA employee expressed his opinion on this issue in a response to a Bitcoin Magazine tweet. That proved that one could pay for breakfast at a Salvadoran McDonalds in BTC. Just walked into a McDonalds in San Salvador to see. If I could pay for my breakfast with bitcoin tbh, fully expecting to be told no. But low and behold they printed a ticket with QR that took me to a webpage with Lightning invoice and now Im enjoying my desayuno traditional, the journalist wrote on Twitter.

Any form Of money begins its journey as a collectable.. However, as more and more people start accepting it, every use of these items as a means of exchange brings closer the day they will be accepted as units of account.. Finally, the worldwide adoption of the new currency should lead to a decrease in its volatility and make it suitable for everyday transactions.. At the dawn of its existence, BTC was considered by the world community, mainly as a collectable., But in recent years the emphasis has shifted towards using this asset as a digital version of gold suitable for accumulating and saving value.. The initiative of El Salvador to use BTC as a unit of account will help Bitcoin pass the stage of an investment asset and turn into a means for daily operations.. However, this will take time.. Also, BTC has to be adopted as legal tender in more countries to globalise this solution.. It is unclear where Bitcoin is in the adoption cycle. Currently, however, it is clear that the vast majority of the world still does not understand it or use it.. The Salvadoran move legitimizes Bitcoins use as a medium of exchange and maybe the very geopolitical push the currency needed to be put on the global stage.. A successful implementation by El Salvador prepares the grounds for Bitcoin adoption to skyrocket, as other nations start taking similar actions. Fearful of being left behind. As Snowden concluded, the tweet latecomers may regret hesitating. Thats all for today.

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