Bitcoin is most likely to be used in these countries
Bitcoin's replacement of a country's legal tender will be a huge achievement and a historic milestone. But which countries are most likely to adopt this emerging currency?
Demand is one of the biggest drivers of cryptocurrency adoption. In some countries, people who have experienced hyperinflation, political instability, or other factors that have shaken people’s confidence in the government’s currency, usually see an increase in demand for alternative currencies such as Bitcoin.
For this reason, the countries that may adopt Bitcoin to a large extent will be Iran, Venezuela and Argentina.
Iran made headlines with plans to withdraw EUR 300 million from German banks. Since the United States withdrew from the "Nuclear Agreement" in 2015, tensions have been escalating. After Trump entered the White House, the tensions will only increase further.
This tension will only weaken people’s confidence in the Iranian rial, leading to higher market prices in Iran’s domestic market. Coupled with US sanctions, which limit 112% of liquidity and hyperinflation, Bitcoin can easily become the currency of choice for Iranian citizens.
Although the hyperinflation of the rial will cause currency holders to depreciate more than half of their value, it is nothing compared to Venezuela's economic crisis.
A year ago, the price of a cup of coffee in Venezuela was 2,200 Venezuelan bolivars (VEF), or about $0.20. Since then, inflation has been rampant, causing the same cup of coffee to be sold for VEF 1.4 million, thus bringing the actual annual inflation rate to more than 60,000%.
This has led to an extreme demand for cryptocurrencies; the peer-to-peer exchange Localbitcoins shows that Venezuelan traders are selling bitcoin for VEF 9 billion ($75,000) for 19.5 billion VEF ($158,531). Although Bitcoin's premium is so huge and it is undergoing a correction in itself, it is still a more attractive option than fiat currency.
Such extreme currency devaluation has made Venezuela a major country that embraces Bitcoin wholeheartedly.
The situation is similar in Argentina, where interest rates are currently high (40%). Rising prices and rising unemployment have made Bitcoin a viable currency in this situation, surpassing the Argentine peso.
A cashless society can also prepare for crypto takeover, but cryptocurrency needs a lot of improvement to become a reality.
Using credit cards, even offering cash rewards and customer protection, these contactless payment methods are already very convenient. In order for cryptocurrencies to penetrate markets such as Canada, Sweden, and the United Kingdom, not only must digital currencies provide similar features, they must also be much better than existing systems.
In order for Bitcoin (or any cryptocurrency adopted by society) to handle the number of transactions, a good scalability solution needs to be developed.
The third group of countries that are likely to adopt Bitcoin are those that have opened up to cryptocurrency-related businesses, which is a wise regulatory move.
Countries that fall into this category include Japan, Estonia, Singapore, Australia, and South Korea. Sweden also falls into this category, because although its society does not have cash, it recognizes Bitcoin as a legal payment method.
Countries that are friendly to Bitcoin usually have a higher percentage of citizens who have begun to actively use cryptocurrency, which makes it easier to popularize Bitcoin.
On the basis of welcome, companies can also join in and introduce new use case scenarios for this cryptocurrency, thereby increasing the popularity of Bitcoin.
Bitcoin is a fairly new currency. As more and more people begin to understand and classify Bitcoin, more and more countries will be more receptive to this decentralized currency. It will be interesting to see which country will adopt Bitcoin as the dominant currency if it is for need, convenience or other reasons.
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