“It kind of happens overnight, and then you collect the cash in a wheelbarrow,” he said in a recent interview with Cointelegraph.
Mow made his prediction while commenting on the current state of Bitcoin adoption in El Salvador, about a year after it was approved as legal currency. Mao said he sees El Salvador’s move as an overall success, despite the country’s relatively low usage rate and uneven availability of bitcoin payment infrastructure.
“You are basically recreating the traditional banking infrastructure in the country. So, it is bound to take some time, and it is bound to be an uneven spread.”
According to Mow, the extreme volatility of Bitcoin is among the reasons why citizens of El Salvador still rely on cash in their daily lives rather than cryptocurrency. Mow sees it as a temporary problem, as volatility is bound to drop as Bitcoin approaches the million-dollar benchmark.
Until now, Mao believed that El Salvador could play a role in inspiring other countries to follow suit. In particular, he sees El Salvador’s vibrant local Bitcoin community playing an important role in driving adoption.
A mixture of top-down and bottom-up initiatives is needed to balance each other out in any country that wants to successfully adopt Bitcoin.
To learn more about the current state of Bitcoin adoption in El Salvador, check out the full interview on Cointelegraph’s YouTube channel, and don’t forget to subscribe!