Phase of Institutional Appropriation

In certain contexts, some states have taken a step further: not only do they regulate Bitcoin, but they integrate or adapt it for their own strategic purposes.

• El Salvador declared it legal tender in 2021, using it as part of its economic policy.

• Countries like Venezuela, Iran, or Nigeria have explored its use to circumvent sanctions or face internal monetary crises.

• Some nations have promoted the development of central bank digital currencies (CBDCs), inspired by blockchain technical principles, but maintaining central control.

This phase reveals a paradox: Bitcoin, created as a response to abuses of the state monetary system, begins to be adopted—or imitated—by states themselves.

BSV contrasts this by prioritizing practical applications like micropayments, without the need for state control.