This weekend, Justin Sun revealed that he would like to see Tron’s TRX adopted as legal tender in five countries in 2023. Is this a real goal or a marketing stunt?
Justin Sun thinks big for the TRX
Justin Sun, the founder of the Tron ecosystem (TRX), accustomed to grandiloquent announcements, spoke this weekend to reveal his objectives for 2023. These are ambitious to say the least, given that the interested party would like to make TRX the legal tender of five countries :
My KPI for 2023 is to get 5 countries to adopt #TRX as legal tender. 🇩🇲🇸🇽
— HE Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) January 29, 2023
Such an achievement would be a real feat, while Bitcoin (BTC), which has totally different fundamentals, is “only” adopted in two countries currently: El Salvador and the Central African Republic. If we can wonder if this is not just a marketing stunt, Justin Sun says he is confident about the future of TRX :
“In 2023, I hope to see TRX widely accepted and used in at least five countries as legal tender, and that this will only be the start of wider adoption of cryptocurrencies in general. It’s a lofty goal, but I’m confident that with hard work and dedication, we can make it a reality. »
👉 To go further – Find our guide to buy the TRX from Tron
Discover eToro
A TRX as legal tender: is it feasible?
In fact, everything can become a currency if the following three conditions are met :
- This currency serves as a unit of account for fixing prices;
- It serves as a medium of exchange for commerce;
- It serves as a store of value.
From there, nothing prevents, in theory, the TRX from becoming the legal tender of a country if the latter recognizes it as such, as has already been done for Bitcoin. However, BTC has at least two major added values compared to a central bank currency:
- Its supply is limited to 21 million units, thus preventing monetary creation;
- It does not depend on a central authority.
These same characteristics are not shared by the TRX, given that its supply is potentially unlimited and that the Tron DAO oversees the guidelines of this blockchain, not to mention that Justin Sun remains an influential figure in this ecosystem. It is then appropriate to wondering about the advantages of TRX over fiat currency.
Nevertheless, it would seem that this asset either bel is well on the way to obtaining legal tender in “a great country»as Justin Sun elaborated in another Twitter thread:
A major country will legalize #TRX and its ecosystem tokens as legal tender soon. This is a huge step forward for the legitimacy and mainstream adoption of #TRON and other digital currencies.
— HE Justin Sun🇬🇩🇩🇲🔥₮ (@justinsuntron) January 28, 2023
Of course, the fact that an asset is recognized as legal tender in a country does not make it an official currency. This only means that its value is recognized by the state in question, which however gives it a certain legitimacy. It therefore remains to wait to find out if Justin Sun will be able to carry out the objectives he has set himself.
👉 On the same subject – Justin Sun is ready to spend a billion dollars in the assets of Digital Currency Group
Cryptoast launches its 1st collection of NFTs
NFTs associated with a collector paper journal 🔥
👉 Listen to this article and all other crypto news on Spotify
Image source: LinkedIn
Newsletter 🍞
Receive a summary of crypto news every Monday by email 👌
What you need to know about affiliate links. This page presents assets, products or services relating to investments. Some links in this article are affiliated. This means that if you buy a product or register on a site from this article, our partner pays us a commission. This allows us to continue to offer you original and useful content. There is no impact on you and you can even get a bonus by using our links.
Investments in cryptocurrencies are risky. Cryptoast is not responsible for the quality of the products or services presented on this page and could not be held responsible, directly or indirectly, for any damage or loss caused following the use of a good or service highlighted in this article. Investments related to crypto-assets are risky in nature, readers should do their own research before taking any action and only invest within the limits of their financial capabilities. This article does not constitute investment advice.
AMF recommendations. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your ability to lose part of this savings. Do not invest if you are not ready to lose all or part of your capital.
To go further, read our Financial Situation, Media Transparency and Legal Notices pages.
I timidly discovered the world of blockchain at the end of 2018 during my quest for financial freedom. Initially invested moderately, it was only two years later that I took the gamble of betting everything on the movement that was taking shape then. I then dedicate 2021 to training myself better to acquire more knowledge and seriousness. As I often like to say: I still have a billion things to learn. And what I do know, I want to share with you.
Vincent Mayor
458 items
;Resize=(1200,627)&impolicy=perceptual&quality=medium&hash=6992cff0c0a2615073b7dea97df9d1e911cfbedb9d22c5b7740db8aa798d05fb "Use ELSTER faster – How to make the property tax return on time")
