This weekend, Justin Sun revealed that he would like to see Tron’s TRX adopted as legal tender in five countries by 2023. Is this a real goal or a marketing stunt
Justin Sun thinks big about TRX
Justin Sun, the founder of the Tron ecosystem (TRX), used to making grand announcements, spoke this weekend to unveil his goals for 2023. The latter are ambitious, to say the least, given that he would like to make TRX the legal currency of five countries:
My KPI for 2023 is to get 5 countries to adopt TRX as legal tender.
– H.E. Justin Sun₮ (@justinsuntron) January 29, 2023
Such an achievement would be a real feat, while Bitcoin (BTC), which has completely different fundamentals, is currently adopted in “only” two countries: El Salvador and the Central African Republic. While one might wonder if this is just a marketing stunt, Justin Sun is confident about the future of TRX:
By 2023, I hope to see TRX widely accepted and used in at least five countries as a legal tender, and that this is just the beginning of a wider adoption of cryptocurrencies in general. It’s an ambitious goal, but I’m convinced that with hard work and dedication, we can make it a reality. “
A TRX as a legal tender: is it feasible?
In reality, anything can become a currency if the following three conditions are met:
- This currency serves as a unit of account for setting prices;
- It serves as a medium of exchange for trade;
- It serves as a store of value.
From this point on, there is nothing to prevent TRX from becoming the legal tender of a country if that country recognises it as such, as has already been done with 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 money 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. This raises the question of the advantages of TRX over fiat currency.
Nevertheless, it would seem that this asset is well on its way to becoming legal tender in “a major country”, as Justin Sun elaborated in another thread on Twitter:
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.
– H.E. Justin Sun₮ (@justinsuntron) January 28, 2023
Of course, the fact that an asset is recognised as legal tender in a country does not make it an official currency. It only means that its value is recognised by the state in question, which nevertheless gives it a certain legitimacy. It remains to be seen whether Justin Sun will be able to achieve the goals he has set for himself.
