Crypto community bets on Paraguay to declare Bitcoin a legal tender next, U.S. makes top 10

After El Salvador declared Bitcoin a legal tender, the cryptocurrency community is focusing on the next country that would follow suit. As a result, the community is projecting the next country to legalise bitcoin.

Data acquired by cryptocurrency trading simulator Crypto Parrot indicates that the crypto community believes Paraguay is the next country to declare Bitcoin a legal tender with 81,433 votes as of July 20, 2021. Venezuela emerged second, with 58,656 crypto enthusiasts betting on the country. Anguilla ranks third with 34,376 votes. Panama received 17,323 votes, followed by India at 13,148 votes.

Other countries to rank top include Zimbabwe (8,704), United States (7,823), Mexico (4,245), Ecuador (4,245), and Bangladesh (4,104). The top ten countries received 234,057 votes in total, with South American and Caribbean nations dominating the list with a share of 50%.

In terms of the percentage of votes per country, Paraguay has 34.79%, followed by Venezuela at 25.06%, while Anguilla ranks third at 14.69%, followed by Panama at 7.4%. India ranks fifth at 5.62%, while the United States has a share of 3.34%.

Bitcoin as a solution to economic turmoil

The report explains the common trait among the countries that are likely to declare Bitcoin a legal tender. According to the research report:
“Most of the countries on the list have undergone a combination of inflation, hyperinflation cycles, and deflation. Furthermore, these countries have a large percentage of their population unbanked, and legalising Bitcoin makes sense. For instance, the Venezuelan economy has been on a freefall, and the country is courting cryptocurrencies as a solution.”
Although the move to declare Bitcoin a legal tender is a significant confidence boost, the move has not positively impacted the asset’s price. In recent weeks, Bitcoin has remained in a volatile state.

Read the full story with statistics here.

Prepared by Ebony Ximines-Parke