fbpx
  • Price Tracker
  • Guest Post
  • Advertising & Partnership
  • Press Release
  • Editorial Policy
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki
No Result
View All Result
Coin Culture Logo
No Result
View All Result

Home » Countries that adopt Bitcoin will be better off says Fidelity

Countries that adopt Bitcoin will be better off says Fidelity

Lucas N by Lucas N
July 1, 2022
in Currencies
Fidelity investments business front
Share on FacebookShare on Twitter

You might also like

SUI Price Hits All-Time High – But Valuation Remain Questioned

Solana could “Seriously Challenge” Ethereum as Institutions Favour Scalability, Says Sygnum

Ethereum 50% below its all-time high due to Interoperability Challenges and Whale Inactivity

Financial services company Fidelity declared in a report that early Bitcoin-adopting countries will benefit disproportionately more from adopting cryptocurrency.

Fidelity an unexpected Bitcoin bull?

Fidelity Investments is one of the largest investment companies in the world, with over $5 trillion AUD of assets under management. Being firmly rooted in traditional finance, it is thus all the more surprising that this behemoth found in a recent report that countries that adopt Bitcoin early will be better off than their competitors.  

In a section titled “Government and Regulatory Developments” Fidelity made the argument that a “very high stakes game of game theory” was underway, where increasing Bitcoin adoption among nation-states would result in early adopters getting a disproportionate share of the gains. Following the model of “slowly, then suddenly, then all at once,” even Bitcoin-skeptic nations would be forced to buy some cryptocurrency at some point. The opportunity cost of not doing so would exceed the cost of acquisition, forcing the hand of these nations.  

Fidelity sums it up nicely, saying that “a small cost can be paid today as a hedge compared to a potentially much larger cost years in the future.” The investment firm also expects more nations to acquire Bitcoin in 2022.  

Other Bitcoin bulls expecting adoption

Fidelity is in good company with its prediction, as no other than Nayib Bukele himself, President of the only nation-state on the Bitcoin standard, predicted the same thing in a Twitter thread at the beginning of the year. Bukele said that he expects to see other nations follow El Salvador’s lead and make Bitcoin legal tender. 

Although no obvious contender has emerged at this point, there have been several rumours floating around. At one point, it seemed as if Brazil could take measures to implement Bitcoin as legal tender, but that was shot down as inaccurate reporting. Other candidates mentioned included Turkey and Venezuela, although no official sources have ever announced plans in that direction.

Still, Bitcoin adoption seems likely, as a significant share of people distrusts their local currencies. Crypto is a good candidate to fill this void, but the question begs: is Bitcoin really the solution?

Arguments for (and against) more Bitcoin adoption

Bitcoin is trustless, decentralised, and censorship-resistant. It has a great founding story and a critical mass of die-hard followers that will never let it drop to zero again. Those are powerful arguments in favour of Bitcoin adoption, especially from the perspective of a country with a volatile local currency.

Bitcoin is also highly volatile, not suitable as a settlement layer for mass transactions, and quite possibly heavily influenced (or manipulated) by a few whales with market-making power. Would a country drop one volatile currency for another? 

The truth is likely somewhere in the middle. It will likely take a country with a very centralised power structure and comparatively little economic wealth to try and adopt Bitcoin as its currency. In other words, a country that has little to lose and has a leader prepared to risk the bit it has. Will the next El Salvador please stand up?

Lucas N

Lucas N

Lucas N is Coin Culture's managing editor for people and market, covering opinon, interview and market analysis. He owns Near, Aurora and Chainlink

Recommended For You

SUI Price Hits All-Time High – But Valuation Remain Questioned

by John Hobbs
October 18, 2024
0
SUI Price Hits All-Time High – But Valuation Remain Questioned

SUI has recently closed the week at its all-time high (ATH) price of $2.30, outperforming top altcoins such as Polkadot (DOT) and ranking among the top 15 cryptocurrencies....

Read more

Solana could “Seriously Challenge” Ethereum as Institutions Favour Scalability, Says Sygnum

by John Hobbs
October 4, 2024
0
Solana could “Seriously Challenge” Ethereum as Institutions Favour Scalability, Says Sygnum

Swiss crypto bank Sygnum suggests that Solana could become a serious contender to Ethereum, particularly if financial institutions continue choosing it for real-world asset tokenization platforms and stablecoins. ...

Read more

Ethereum 50% below its all-time high due to Interoperability Challenges and Whale Inactivity

by John Hobbs
September 9, 2024
0
Ethereum 50% below its all-time high due to Interoperability Challenges and Whale Inactivity

Ethereum is currently grappling with significant market and technical challenges, which have contributed to its valuation being 50% below its all-time high of over $4,800. Analysts attribute this...

Read more

PayPal’s Stablecoin Reaches $1B Market Cap as Incentives Fuel Solana Activity

by John Hobbs
August 28, 2024
0
PayPal's Stablecoin Reaches $1B Market Cap as Incentives Fuel Solana Activity

PayPal's stablecoin, PYUSD, recently reached $1 billion in market cap, as reported by CoinMarketCap.  Issued with Paxos, PYUSD saw its supply more than double since June, despite the...

Read more

Concerns Rise Over Tron’s USDD After $732M Bitcoin Withdrawal From Reserve

by John Hobbs
August 24, 2024
0
Concerns Rise Over Tron's USDD After $732M Bitcoin Withdrawal From Reserve

The crypto community has shown concerns about the Tron-based stablecoin USDD after the Tron DAO withdrew $732 million worth of Bitcoin from its reserves. People fear that this...

Read more
Next Post
Ethereum coin on motherboard

Multidimensional EIP 1559: Vitalik’s Ethereum fee proposal

Please login to join discussion

Most popular

  • Why Brands Should Adopt A ‘Hybrid DAO’ Model

    Why Brands Should Adopt A ‘Hybrid DAO’ Model

    169 shares
    Share 68 Tweet 42
  • Kucoin Review 2024: Features, Fees & More

    146 shares
    Share 58 Tweet 37
  • Guide To Crypto Twitter: Influencers, Traders And Ventures 2024

    1202 shares
    Share 480 Tweet 300
  • Cryptocurrency Regulations in Australia: A Brief Overview 2024

    164 shares
    Share 66 Tweet 41
  • 11 Best Crypto Debit Cards In Australia: A Curated List 2024

    422 shares
    Share 169 Tweet 106

Recommended

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push

November 9, 2024
Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency

November 8, 2024
Trump Declares Victory - What will the US Crypto be?

Trump Declares Victory – What will the US Crypto be?

November 6, 2024
Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

Kraken Introduces Crypto Derivatives Suite for Australian Wholesale Clients

November 5, 2024
coin culture logo

Your Australian news source for all things cryptocurrency. Coin Culture is an independent media outlet that aims to provide an Aussie take on crypto, digital assets, and investing.

Hot Topics

  • DeFi
  • NFT
  • Gaming

Top articles

CoinSpot Review
Swyftx Review
Best Crypto Exchanges Australia
CoinSpot vs Swyftx

BROWSE BY TAG

Altcoin News Bitcoin CoinSpot Cryptocurrencies Crypto Exchange Crypto Tax DeFi Dogecoin Dogecoin News ETF Ethereum Feature FED FTX Games hacks Layer2 Markets meme Metaverse Mining NFT Opinion People Policy and Regulation Polygon SEC Security Solana News Stablecoins Tech Top Crypto News Australia | CoinCulture Trading US web3 XRP News

RECENT POSTS

  • Ethereum Foundation Reveals $788 Million in Crypto Holdings, Mostly in Ether, Amid Transparency Push
  • Solana Surpasses Binance Coin (BNB) as Fourth-Largest Cryptocurrency
  • Trump Declares Victory – What will the US Crypto be?

© 2023 CoinCulture. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Please enter and activate your license key for Cryptocurrency Widgets PRO plugin for unrestricted and full access of all premium features.
  • bitcoinBitcoin(BTC)$103,193.000.870%
    BITCOIN
    24H : 0.870%
    Volume : $46,776,529,404.00
    Marketcap : $2,049,678,479,113.00
  • ethereumEthereum(ETH)$2,338.227.60%
    ETHEREUM
    24H : 7.60%
    Volume : $48,675,822,074.00
    Marketcap : $282,178,062,395.00
  • tetherTether(USDT)$1.0000.00%
    TETHER
    24H : 0.00%
    Volume : $96,603,831,958.00
    Marketcap : $149,748,427,792.00
  • rippleXRP(XRP)$2.362.58%
    XRP
    24H : 2.58%
    Volume : $6,553,669,761.00
    Marketcap : $138,072,455,174.00
  • binancecoinBNB(BNB)$639.772.45%
    BNB
    24H : 2.45%
    Volume : $1,563,396,800.00
    Marketcap : $93,315,867,227.00
  • solanaSolana(SOL)$172.847.00%
    SOLANA
    24H : 7.00%
    Volume : $9,136,429,234.00
    Marketcap : $89,687,708,325.00
  • usd-coinUSDC(USDC)$1.000-0.01%
    USDC
    24H : -0.01%
    Volume : $14,341,068,486.00
    Marketcap : $60,726,451,468.00
  • dogecoinDogecoin(DOGE)$0.2065.97%
    DOGECOIN
    24H : 5.97%
    Volume : $2,895,409,355.00
    Marketcap : $30,676,216,574.00
  • cardanoCardano(ADA)$0.7813.27%
    CARDANO
    24H : 3.27%
    Volume : $1,615,101,845.00
    Marketcap : $28,153,175,293.00
  • tronTRON(TRX)$0.2611.98%
    TRON
    24H : 1.98%
    Volume : $1,610,721,280.00
    Marketcap : $24,753,663,303.00

Add New Playlist

No Result
View All Result
  • News
    • Bitcoin
    • Ethereum
    • Ripple
    • Business
    • Policy & Regulation
    • Tech
    • People
  • Markets
    • Forecast
      • Ethereum Price Predictions
      • Bitcoin Price Predictions
  • 101 Guide
    • Blockchain Guide
    • Trading Guide
    • Bitcoin Guide
    • DeFi Guide
    • Ethereum Guide
  • Product Reviews
    • Crypto Exchange Reviews
      • CoinSpot Review
      • Swyftx Review
      • Binance Australia Review
      • MEXC Review
      • BitMart Exchange Review
      • Bybit Australia Review
      • CoinSpot Mastercard Review
    • Exchange Comparisons
      • CoinSpot vs Swyftx vs Binance
      • Coinspot vs Binance
      • Crypto.com vs. Binance
      • CoinSpot vs Kraken
      • Swyftx vs Coinbase
  • Contact
    • About Us
    • Submit Press Release
    • Submit Querry
    • Submit Guest Post
  • Crypto Wiki

© 2023 CoinCulture. All rights reserved.