Global Macro Investor founder Raoul Pal said that it would be difficult to implement a volatile asset as a national currency.

Armstrong’s suggestion may be based on El Salvador, another Latin American country, recognizing BTC as a legal tender back in 2021. The move brought various benefits to the country, such as a surge in tourism in 2022, with 1.1 million people visiting the country. In addition, El Salvador was able to build schools and a veterinary hospital using profits from its Bitcoin purchases.