But El Salvador recently announced it would accept Bitcoin as legal tender, showing the significance cryptocurrency is having on a global scale.
Antony Portno, founder of Traders of Crypto, said El Salvador's decision could start a "snowball" effect among other countries.
Mr Portno said: “This is potentially a significant development and it will be interesting to follow its impact over the coming months and years.
"Cryptocurrency is indeed popular in more volatile nations where their own currency is quite unstable, but El Salvador uses US Dollars, so this is a clear move to legitimise citizens holding and transacting in Bitcoin instead of USD.
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