Bitcoin owners have been on the rise since its inception, but what about all the institutions that have been fighting it since day 1? In this post we will take a quick dive on all the current states that adopted BTC as legal tender but also we will have a look at the ones that started talking about it. Without further ado let' s start, shall we?

So let' s start with the states that decided to enter BTC' s market as early adopters despite its renown volatility.

El Salvador-2021:  El Salvador became the first country in the world to accept Bitcoin as legal tender. What does this mean? Simply that besides their recognized FIAT currency which is the USD, Bitcoin is legally recognized from the state as a form of payment and transfer of value. El Salvador became also famous for incentivizing BTC holders from all over the world to move there giving them citizenship(there are more prerequisites, than only holding Bitcoin, that we are not going to dive into), and creating tax exemptions and other kind of incentives for people that want to build out Bitcoin infrastructure in El Salvador.

Central African Republic-2022: CAR is one of the world's poorest countries, but is rich in diamonds, gold and uranium. Its official FIAT currency is the French-backed CFA franc, a currency used from France to keep control over their former colonies(it is a very long story, that we are not going to address now, but if you' re curious about it DYOR), many believe that this is the real reason behind the unanimous vote that ruled Bitcoin as new legal currency. Anyways CAR is a real unstable political area due to continuos dogfights between different rebel factions, recently became a strong russian ally in order to bring political stability.

Now let' s take a look to the states that started talking about Bitcoin positively but also not quite, let' s start with the positive one:

Switzerland-2024: The land of good chocolate, cheese, mountains and roesti, but most importantly of banks, has very recently been on the news for a referendum proposal where it could be discussed a constitutional amendment to bolster economic stability and modernize reserve assets through BTC adoption for national reserves, so now it looks like that even the best bankers in the world have started looking at this bankfree asset, interesting. Let' s cite as well that Lugano, a city of the swiss-italian speaking region, has partnered with the biggest stable coin issuer by market cap Tether, to create an adoption strategy for the citizens called "Plan B", citing briefly their site: "Lugano's Plan ₿ is a joint initiative between the City of Lugano and Tether to accelerate the use of and leverage bitcoin technology as the foundation to transform the city's financial infrastructure.The plan will scale blockchain and Bitcoin throughout the city to positively impact all facets of daily life for the residents of Lugano. From small transactions with local merchants to larger efforts – such as paying annual taxes – blockchain will serve as the foundation for the city's financial exchanges.", who would have said that such a conservative country as Switzerland, it is going to be leaning so much into Blockchain technology, IMO this is definitely a bullish sign for our good ol' BTC.

Ok now let' s check the not so positive one:

Paraguay-2024: Paraguay compared to El Salvador doesn' t intend to make Bitcoin legal tender, instead wants only to regulate as much as possible around it, trying to take profits on Mining industries and especially trying to help out local banks, claiming that they are doing it for the sake of the investors. What they claim is that they are protecting bitcoin investors, whose private keys are in the possession of a business like an exchange, from having their bitcoin fractionally reserved or otherwise used without their consent. Isn' t that what actually banks already do with the money of their customers? Anyways this bill has still to pass, but IMO this is not what true Bitcoin investors would like to see regulated by their state. What do you think? Let me know in the comments.

All of this said, we are already almost a week away from the halving and BTC is dragging all of the cryptocurrencies up higher a tiny bit at a time, how long will this tiny bullish momentum last? Only time will tell us, but the adoption is happening, it is not the mass adoption we were hoping for. Now the players with big money are entering, before the citizens living the rat race, and BTC was not meant for that, but hey let' s take what comes. In the end, before mass adoption will happen, we probably are going to need a little extra push from institutional players or easier named as our previous mortal enemies: the banks. That said remember that I ain' t a financial advisor, I just like crypto. And don' t take my jokes about mortal enemies and banks too seriously, I do have a bank account too.

Until we meet again, stay true, stay cryptoniac.