https://youtu.be/Ul8OI-K8D2E?t=452
Is it possible this year that one or more countries will drop fiat currency and more to BTC? If so what country would do so? With the onset of the global economic collapse many countries will be driven to near financial extinction.
It would be great to see two or three smaller countries convert to BTC as a national currency. Even better if North Korea and Iran are not in the top 20 to do so. However most governments aka central banks will fight the move of a country to use BTC as a national currency.
I think Argentina would be a good candidate to do so, however there are several huge obstacles to a BTC national currency. Let's explore this a little.
The Argentine people have suffered 70 years of currency instability since dropping the gold standard in 1970. Many people are already using cryptocurrency and paying a premium for US dollars.
A 2018 GDP of 519.9 billion USD would fit well in the BTC network with daily remittances operating on second layer solution such as the Lightning Network.
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Peso ley, 1970–1983
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Peso argentino, 1983–1985
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Austral, 1985–1991
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Peso convertible, 1992–present (with 40% inflation so far in 2020)**
So how would a country transition to BTC? If you are dropping your fiat it would have no value to buy BTC. I am certain there are already written plans on how this transition would occur. Here are a few thoughts.
Argentina’s Gold Reserves was reported at 2.9 USD bn in Mar 2020. However their gold reserves are dropping this year. It's possible the government is using their gold to purchase essentials during the pandemic.
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Develop a state owned BTC mining farm
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Sell gold for BTC
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Sell other state owned assets
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Distribute BTC to the population from the sale of gold and state assets