17 Oct El Salvador has officially adopted Bitcoin as legal tender, while several other countries have been considering this as an
El Salvador has officially adopted Bitcoin as legal tender, while several other countries have been considering this as an option. Panama, Ukraine, Cuba, and more have already stated that they were interested in following El Salvador’s footsteps. El Salvador has already purchased several million dollars’ worth of Bitcoins during a dip in value($46,000), however the value then continued to fall ($42,000). Within the last few days, Bitcoin prices have skyrocketed to over $50,000 per coin. Do you think there will ever be a global adoption of Bitcoin for bigger nation states like the US, UK, France, or even Germany? What kinds of economic and political, legal, and ethical impacts may occur if the value of Bitcoin would to grow tremendously and/or crash down to barely any value?
Provide reasons for each of the following potential impacts: A) Economic, B) Political, C) Legal, and D) Ethical
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