Crypto and Blockchain Olympics: Who Will Be the Winner in the Crypto and Blockchain Olympics?
The World Olympics usually takes place every four years, accompanied by sports and competition. The variety of sports in the Olympics has changed over time and there are currently 33 different sports. Exciting competitions for Japan, such as skateboarding and surfing, were included in the Olympics. We wonder which side will dominate in the Crypto and Blockchain Olympics.
The cryptocurrency and blockchain Olympics space is similar in this respect. Many different pieces of work create a community that is both united and divided according to their preferences for cryptocurrencies and blockchain platforms. We will look at which countries or institutions won gold medals in the Crypto and Blockchain Olympics.
El Salvador Secretly Waiting for Its Prey in The Background
We are not used to seeing El Salvador on stage. El Salvador is the first country in the world to recognize Bitcoin as legal tender. That’s why it made the headlines this year. El Salvador’s congress passed President Nayib Bukele’s Bitcoin Act recognizing Bitcoin (BTC) as a legal tender alongside the US dollar.
Citizens will thus be able to pay with Bitcoin. It will also guarantee the Salvadoran government the convertibility of BTC to USD during any transaction. According to the government’s plan, by the end of the year, every citizen will have $30 BTC.
As every action can receive positive and negative criticism, this move of El Salvator also received criticism. On the positive side, however, while the trust in Bitcoin increased, the perspective on cryptocurrencies changed. While this is a welcome development, there are several obstacles standing in the way of the country.
First, the International Monetary Fund stated that countries that accept BTC as a payment unit may face certain dangers due to the possible and volatile movements of Bitcoin. Secondly, some El Salvadoran citizens are also concerned about this situation. At the beginning of July, 1,233 citizens participated in the state survey. However, half of the participants did not know about BTC. 20% of the remaining half claimed that they were satisfied with this decision taken on behalf of BTC.
Although change is something that the community does not want at first. However, development and growth make you forget this concern and El Salvador takes the gold medal in the Crypto and Blockchain Olympics.
Where Will Anti-Crypto Policies Drive China?
China is one of the favorites of the Olympics, with a good team of martial artists, gymnasts, Olympic weightlifters, shooters and divers. However, we cannot say the same for the Crypto and Blockchain Olympics. China built a wall against cryptocurrencies last year, and that wall still hasn’t fallen in 2021. As a result, it completely banned mining.
The irony is, the country is far ahead of most countries in the world when it comes to the CBDC development race. In the last 18 months, China has opened up the use of Digital Currency Electronic Payment, or DCEP.
Among the Competitors in North America
Although China is a strong competitor, this situation started to change a little in 2021. It shows that before China took a stand against mining in June, China accounted for more than 70% of the global hash rate. While various countries in Asia have come a long way in this regard, North America is one of the prominent names in the Crypto and Blockchain Olympics.
The hash rate of US-based miners has increased steadily over the past year. Also, the latest regulatory move in China has been nothing but helping its rival.
The Cambridge Bitcoin Electricity Consumption Index world map shows the geographic distribution of the Bitcoin mining hash rate. But they have yet to fully reflect data from China’s regional mining bans in June to better understand how this map is changing. They release the latest map in March 2021.