{"id":11883,"date":"2021-09-08T15:54:03","date_gmt":"2021-09-08T15:54:03","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/edward-snowden-says-competing-nations-now-under-pressure-to-acquire-bitcoin-following-el-salvador\/"},"modified":"2021-09-08T15:54:03","modified_gmt":"2021-09-08T15:54:03","slug":"edward-snowden-says-competing-nations-now-under-pressure-to-acquire-bitcoin-following-el-salvador","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/edward-snowden-says-competing-nations-now-under-pressure-to-acquire-bitcoin-following-el-salvador\/","title":{"rendered":"Edward Snowden Says Competing Nations Now Under Pressure to Acquire Bitcoin Following El Salvador"},"content":{"rendered":"<p><strong>Following El Salvador making bitcoin legal tender, privacy activist and whistleblower Edward Snowden says, \u201cthere is now pressure on competing nations to acquire bitcoin \u2014 even if only as a reserve asset.\u201d He warned, \u201cLatecomers may regret hesitating.\u201d<\/strong><\/p>\n<h2>Edward Snowden Warns Countries That Hesitate Adopting Bitcoin May Regret Their Decisions<\/h2>\n<p>Former computer intelligence consultant for the National Security Agency (NSA) and contractor for the Central Intelligence Agency (CIA), Edward Snowden, commented on El Salvador making bitcoin legal tender Tuesday. He tweeted:<\/p>\n<p>Today Bitcoin was formally recognized as legal tender in its first country. Beyond the headlines, there is now pressure on competing nations to acquire bitcoin \u2014 even if only as a reserve asset \u2014 as its design massively incentivizes early adoption. Latecomers may regret hesitating.<\/p>\n<p>El Salvador\u2019s Bitcoin Law went into effect on Sept. 7 and <a class=\"lar-automated-link\" href=\"https:\/\/markets.bitcoin.com\/crypto\/BTC\">BTC<\/a> is now a national currency alongside the U.S. dollar. Nayib Bukele, the president of El Salvador, also <a href=\"https:\/\/news.bitcoin.com\/first-day-bitcoin-legal-tender-el-salvador-buys-the-dip-countrys-btc-stash-grows\/\">revealed<\/a> Tuesday that his government has purchased 550 <a class=\"lar-automated-link\" href=\"https:\/\/markets.bitcoin.com\/crypto\/BTC\">BTC<\/a>.<\/p>\n<p><!-- growjs zone placement 31 -->    <!-- end of growjs zone placement --> <\/p>\n<p>Snowden is not the only one expecting other countries to follow in El Salvador\u2019s footsteps and adopt bitcoin. Dante Mossi, the executive president of the Central American Bank for Economic Integration (<a href=\"https:\/\/news.bitcoin.com\/central-american-bank-for-economic-integration-help-el-salvador-implement-bitcoin-as-legal-tender\/\">CABEI<\/a>), said that if adopting bitcoin as legal tender goes well in El Salvador and the cost of remittances drops substantially, \u201cother countries will probably seek that advantage and adopt it.\u201d<\/p>\n<p>Even Bank of America sees benefits in adopting bitcoin as legal tender for El Salvador. \u201cBitcoin could be used as an intermediary for cross-border transfer \u2026 Using bitcoin for remittances could potentially reduce transaction costs compared to traditional remittance channels,\u201d the bank <a href=\"https:\/\/news.bitcoin.com\/bank-of-america-benefits-adopting-bitcoin-legal-tender-el-salvador\/\">wrote<\/a> in early August. In addition, global investment bank JPMorgan <a href=\"https:\/\/news.bitcoin.com\/bitcoinization-jpmorgan-similarly-situated-countries-may-make-bitcoin-legal-tender-like-el-salvador\/\">said<\/a> in June that the move by El Salvador could be \u201cthe beginning of a broader trend among similarly situated, smaller nations.\u201d<\/p>\n<p><em><strong>Do you agree with Edward Snowden? Let us know in the comments section below.<\/strong><\/em><\/p>\n<p>Bitcoin News<br \/>\nNews, acquire bitcoin, bitcoin legal tender, Buy Bitcoin, countries bitcoin, Edward Snowden, El Salvador, nations bitcoin<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following El Salvador making bitcoin legal tender, privacy activist and whistleblower Edward Snowden says, \u201cthere is now pressure on competing nations to acquire bitcoin \u2014 even if only as a reserve asset.\u201d He warned, \u201cLatecomers may regret hesitating.\u201d Edward Snowden Warns Countries That Hesitate Adopting Bitcoin May Regret Their Decisions Former computer intelligence consultant for&hellip;<\/p>\n","protected":false},"author":0,"featured_media":11884,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-11883","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11883"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=11883"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/11883\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/11884"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=11883"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=11883"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=11883"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}