El Salvador news of adopting BTC as an official payment method fueled contrasting reactions around the world. Meanwhile, the BTC community is applauding the move, various regulatory entities and regulators have made their concerned public of digital currencies, with the majority are pessimistic when it comes to digital currencies as cryptocurrencies are branded as dangerous and unreliable.
Following the El Salvador report, World Bank has refused to aid the country with its recent plans because of transparency and environmental shortcomings. Anthony and Erik, the creator of ShapeShift discussed this subject on a podcast:
The creator stated that governing bodies are lagging behind the market. As they have failed to comprehend the potential of Bitcoin as it will continue to emerge as a better option for money rather than any fiat out there.
At the start of June, Elizabeth, the United States Senator had spoken out some criticism regarding the digital currencies citing environmental and security concerns. After that, the IMF raised the financial, macroeconomic and legal issues related to El Salvador move to adopt BTC.
Adding a few things on top of the discussion, Voorhees stated he hoped that lawmakers are able to comprehend by moving to decentralized technologies is a step closer to achieve an honest, transparent and fraudless open system:
The lawmakers should be encouraged by the decentralized apps currently available. Another thing Voorhees pointed out that the time has come when lawmakers should let go of the sentiment that they can control finances to such an extent that was possible previously.
Pompilano added Decentralized Finance and the influx of Bitcoin adoption by huge institutions and banks. Voorhees added to the discussion stating:
Financial institutions do not have any idea of what will be coming for them talking in association with Decentralized Finance projects, claiming that Decentralized Finance will have the same impact on financial tools that Bitcoin had an impact on money.
According to a survey conducted by the CFO of one hundred funds discussed globally the substantial increase in interest in crypto. The survey reported that a big majority roughly 98 percent expect one’s hedge fund to invest in digital currencies within the upcoming 5 years.
Therefore, it seems that even with lawmakers resistance to crypto in different countries the digital asset’s time has come.