Cryptocurrencies

What Bitcoin Did: Can Bitcoin Become Legal Tender in America?

Posted on by Andrew Packer

Despite its small size overall, the cryptocurrency space attracts a lot of attention. And it’s attracting talent, including legal talent, while a legal framework is being built out.

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    • It’s been a hectic few months for the space. Forced liquidations and an end to a number of crypto staking platforms are making the case for some minimal regulatory framework. While that would apply to cryptos as a whole, Bitcoin’s unique structure also makes it the potential to become a form of legal tender.

    Currently, Bitcoin acts as a private digital currency. It’s not controlled by any government. That would seem to make it a commodity, rather than a true currency. However, many use it for transactions freely today, and in an increasing number of transactions.

    To make something legal tender, governments would have to declare it so. And it would have to be accepted widely. No crypto, not even Bitcoin, is close to that level of interest today.

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    While El Salvador made Bitcoin legal tender last year, the US dollar is still the most widely used asset there. And the hassle of building out the infrastructure in that small economy could multiply if added to a more complex one.

     

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    • To listen to the full podcast looking at how legal tender works, click here.