Every Country Needs a Crypto Strategy After El Salvador, Says Charles Hoskinson

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In Brief
  • Cardano Founder Charles Hoskinson recently reflected on El Salvador’s adoption of bitcoin as legal tender.

  • In a congratulatory note posted on YouTube, Hoskinson reflected on how far cryptocurrencies have come.

  • Hoskinson remarked that El Salvador’s move has forced countries around the world to legitimately consider their approach to cryptocurrencies.

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Cardano Founder Charles Hoskinson recently reflected on El Salvador’s adoption of bitcoin as legal tender urging other countries to follow suit with crypto adoption plans.

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In a congratulatory note posted on YouTube, Hoskinson saluted bitcoin on its historic achievement. He did this by first reflecting on how far cryptocurrencies have come, harkening back to when he joined the space in 2011. Although he lamented the loss of old friends, Hoskinson also appreciated the unprecedented growth cryptocurrencies have experienced over the past decade.

Bitcoin has grown to a point where, not only do nation-states now take it seriously, today a nation-state decided to embrace it at a level of making it legal tender,” Hoskinson said. 

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Crypto adoption achievements

In spite of working primarily in the altcoin space, Hoskinson emphasized that the achievement represented an overall victory for crypto. “This is a moment for our entire industry,” he said. “It is a moment to reflect how far we’ve gone in 12 years’ time.”

In particular, Hoskinson noted Bitcoin’s remarkable growth trajectory. From a single ‘inventor,’ to an experiment “not really intended to succeed, but rather prove a point,” to a potential global currency.  Now, bitcoin is a legal currency in the nation-state of El Salvador; the speed in which it achieved this feat was something Hoskinson also emphasized. “There frankly is nothing in human history that has grown that quickly, that aggressively, and has inspired this degree of philosophical conversation,” he said. 

Hoskinson also noted that this achievement has forced countries around the world to legitimately consider their approach to cryptocurrencies. “Every single nation state from here on forward has to actually have a cryptocurrency strategy,” Hoskinson said.

The Cardano founder also singled out the youth as being major contributors to the growth of cryptocurrencies and their future. He pointed out that a majority of those under 25 like and own cryptocurrencies, so their children will grow up with those values. Additionally, such a broad adoption of bitcoin effectively legitimizes the philosophy behind it, “that we should be in control of the money in our pocket, and we should ultimately be in control of how that money moves.”

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Nick is a data scientist who teaches economics and communication in Budapest, Hungary, where he received a BA in Political Science and Economics and an MSc in Business Analytics from CEU. He has been writing about cryptocurrency and blockchain technology since 2018, and is intrigued by its potential economic and political usage. He can best be described as an optimistic center-left skeptic.

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