Despite the general decline of the cryptocurrency market, many supporters of digital assets do not lose their optimism and believe in the bright future and the prospect of the cryptocurrency market.
The reason for this confidence is the general distrust of the population of many countries in the existing fiat system and the constant increase in the number of users of cryptocurrencies around the world.
According to Jan3 CEO and Bitcoin proponent Samson Mow, the future collapse of fiat currencies could lead to the growth of bitcoin to $ 1 million in the next 5-10 years.
Samson Mow believes that the price of BTC could reach $1 million in the next 5-10 years. Distrust of existing policies of many countries, their leaders, the financial system of the world and the collapse of major fiat currencies may become the main catalysts for the growth of bitcoin price and the entire cryptocurrency market.
Many supporters of cryptocurrencies perceive digital assets as an alternative to the existing fiat system, which is designed to overcome the existing problems of the current global financial order.
Samson Mow made his prediction by commenting on the current state of bitcoin adoption in El Salvador. He analyzed the changes that have taken place in the country's financial system, about a year after BTC was accepted as legal tender.
Mow said he considers the actions of the Salvadoran government to be generally successful, despite the relatively low use and irregular availability of Bitcoin payment infrastructure in the country.
By adopting Bitcoin, El Salvador's authorities are essentially recreating the traditional banking infrastructure in the country. This is going to take some time, and the deployment will be uneven across the country.
At the same time, it should be noted that the Salvadoran authorities have a huge number of opponents to adopting Bitcoin as the country's official currency.
Bitcoin's high volatility is one of the reasons why Salvadoran citizens are still actively using cash in their daily lives rather than cryptocurrency.
Samson Mow sees this as a temporary problem, as volatility will certainly decrease as BTC's capitalization increases and bitcoin approaches the $1 million mark.
Despite the overall drop in the market and bitcoin price, Mow believes El Salvador can play an important role in inspiring other countries to follow its example.
El Salvador's active local bitcoin community plays an important factor in encouraging the adoption of the world's first cryptocurrency.
It is impossible to impose the will of the authorities only from above, but it is necessary for the local population to support the decisions implemented by their government.
Only a combination of top-down and bottom-up initiatives is needed to balance each other in any country that wants to successfully implement bitcoin.
People need an alternative to the fiat system because they do not trust the current financial system and are unsure about tomorrow and the policies of their authorities.
More and more people around the world, despite the general decline of cryptocurrencies, are looking at digital assets as an alternative to current finance and the global economy.