Nigel Green, CEO of giant financial consulting firm #deVere Group, evaluated #ElSalvador's acceptance of Bitcoin as a legal currency. "El Salvador certainly won't be the last," said Green.
Nigel Green, CEO of the UK-based financial consultancy firm deVere Group, known for his investments in Bitcoin and sharing its transactions with the public, evaluated El Salvador's Bitcoin step.
Evaluating the issue on his personal website, Green stated that some big and powerful countries are trying to stop this 'inevitable trend'. Here are Green's comments:
“June 9 was a very important day for the cryptocurrency universe. El Salvador became the first country in the world to make Bitcoin a legal currency. El Salvador's Assembly took this decision by using 62 of the 84 votes positively.
🚨'Strong and big countries are trying to stop'
I will make the same comment, as organizations such as Forbes, Yahoo News, City AM, and Verdict have also reported on my words. El Salvador will certainly not be the last. Despite this, some powerful and large countries are trying to delay or stop the inevitable transition. The transition to global digital currencies is unstoppable. El Salvador's decision in this sense is the same as making history. Other countries will follow.
🚨'They are dependent on the US dollar'
Low-income countries are very vulnerable to market changes because of their weak currencies. Therefore, they are also subject to inflation. Developing countries also depend on major 'first world' currencies such as the US dollar to complete transactions. However, the cost of the problems associated with being dependent on another country's currency can be very high.
🚨'It prevents countries from being affected'
In the last few decades, developing countries have always borrowed in dollars. Therefore, their markets have been severely affected. In addition, economic forecasts may not hold.
🚨However, despite all this, the adoption of a crypto currency by these countries ensures that they are not directly affected by a country's economy. Also, because Bitcoin works globally, it is affected by global economic changes.
🚨'Traditional banks can be bypassed'
In developing countries, financial participation for both individuals and institutions can be achieved with digital currencies. With digital currencies, these individuals and institutions can bypass traditional banks and financial services providers.
Naturally, this move of El Salvador will receive criticism especially from rich countries. That's why I think this revolutionary approach to solving complex problems should be defended.