Michael Casey, chief content officer at CoinDesk, speculated Tuesday that other countries might look to adopt Bitcoin (BTC-USD) as legal tender if the process currently underway in El Salvador proves successful. Speaking to CNBC, Casey argued that turning to Bitcoin represents an "effective" though "admittedly very bold" way for certain nations to enforce "monetary sovereignty." On Tuesday, El Salvador became the first country to make the cryptocurrency legal tender, with the Central American nation purchasing 400 Bitcoin (BTC-USD) over the weekend. Casey predicted that other "copycat" adopters would "wait and see" how the process goes in El Salvador before moving ahead with any concrete plans to replicate the process. "I think this is why this experiment matters," he said. "If it's successful ... that will then lead others to look at it." The CoinDesk expert specifically pointed to Paraguay, Mexico, Argentina and Brazil as potential countries that could consider turning
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