Super Hyper Bitcoinization Kill US Dollar Dominance: El Salvador

Crypto Market News: Max Keiser, senior advisor to El Salvador President Nayib Bukele, said the country’s Bitcoin approach is designed such that it can be copied for adoption in other countries. He said those who are not getting into the Bitcoin market will find it hard to survive the next 2-3 generations. El Salvador, the Central American country, is set to go down in history of the crypto market as the world’s first country to use the cryptocurrency as legal tender.

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Keiser made the comments while participating in a panel discussion at The Bitcoin Conference 2023. He said central bank failures around the world will lead to super hyper Bitcoinization as a means to fight super hyper inflation.

End Game For Central Banks

The advisor predicted that the time has come for Bitcoin to take the place as a ‘central bank killer.” He said there is a scale of urgency in terms of Bitcoin adoption around the world. There has been an urgency in countries like Lebanon with the central bank collapse and the people who had Bitcoin survived, he explained. The same urgency has been playing out globally, he added, stating that the urgency in the United States too will change with the shift in the U.S. Dollar’s position as the world reserve currency.

“We are at the end game of the 300 year experiment of central banks. Bitcoin was invented as a central bank killer, and now is Bitcoin’s time.”

Speaking about the change in geopolitical dynamics, the El Salvador advisor said the number of countries joining the BRICS group is vastly faster than the number of members joining the NATO group. Earlier, CoinGape reported that the BRICS group is capable of launching a Dollar competition that could dominate the global financial market.

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Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Reach out to him at anvesh@coingape.com.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.