Following El Salvador’s to adopt bitcoin as legal tender alongside the US dollar in September 2021, their President Nayib Bukele, has also tweeted his prediction that two more countries would accept the Bitcoin cryptocurrency as legal tender in 2022 – however a top financial leader has gone further saying we are more likely to see three nations following El Salvador’s lead.
Paypal’s acceptance of Bitcoin signals more widespread adoption
Despite a blip in December which saw bitcoin prices fall, the cryptocurrency has already started to recover, and as well as being accepted as legal tender, it also become more mainstream in 2021, most notably being welcomed as a currency onto online finance platform, Paypal. Negating the need for traders to have a separate cryptocurrency wallet.
DeVere’s Green Predicts Latin America will grow Bitcoin acceptance in 2022
As the digital currency grows in international acceptance, CEO of International Finance giant De Vere, Nigel Green now predicts that bitcoin will become legal tender in three more countries in 2022, suggesting that likely candidates could be Honduras, Paraguay, Panama and Guatemala.
It’s certainly fair to say that 2021 was largely a good year for the acceptance of bitcoin, so it’s probably not a big stretch to expect cryptocurrency will continue to thrive in 2022 – not least because automated trading is attracting new investors to the market.
New Technology is making Bitcoin trading more accessible
As you would expect for a digital currency, technology is making trading increasingly accessible. 2021 saw the launch of a number of cryptocurrency apps and online platforms, which have adopted technologies like AI, making currency and cryptocurrency trading more accessible than ever before.
Users can just open an account, make a deposit and begin trading. However, the simplicity of the process belies the extensive development that has gone into creating the complex algorithms which make trading suggestions to users. Many of the platforms allow automated trading, but all of the ones we’ve explored will admittedly perform better when users are experienced and all the platforms advise doing your own research as well as making trades highlighted by the app.
With so many developments for Bitcoin in 2021, and the fact it consistently outperforms other trades, including gold, everything suggests that the platform will continue to thrive in 2022. One wonders when it will be that we order our Starbucks with bitcoin – one thing in certain, if more widespread adoption occurs here, it presents a huge opportunity for the tech industry, with industries like retail, ecommerce and hospitality all needing new systems to adapt.
Whether it is in 2022 or further away, sooner or later, Bitcoin is likely to find more widespread acceptance in the West. Tech entrpreneurs would do well to pay close attention and grasp the opportunities as they present themselves.