“We bought the dip” – President Nayib Bukele
Yesterday marked a historic day for the world. El Salvador has become the first country to make Bitcoin it’s legal tender, that’s huge! Now that Bitcoin is their legal tender all eyes will be on El Salvador. There’s a lot of emotion and speculation around whether this experiment will work or not. This is Bitcoin’s time to shine! Cryptocurrency has made an incredible impression on free nations. Adoption by governments will create even more value and demand for these amazing technologies. Who is next to take this massive step? Will anyone follow Bitcoin in El Salvador?
President Nayib and the Congress of El Salvador have decided to take the risk nobody else has yet to take. The benefits will be immense for being the first in an historical movement to move away from Fiat currencies. The countries leadership chose to move to Bitcoin for two main reasons; #1 to drive El Salvador into the first world with a more technologically advanced economy, and #2 to make remittance payments for workers abroad easier to transfer. Remittance payments make up over 20% of El Salvador’s GDP, and this was a great way to increase the value those transactions bring to the local economy.
The IMF, and World Bank have both shown disapproval, and zero support for El Salvador to make Bitcoin legal tender. They see this as a dangerous move, and do not support it, period. El Salvador pushed ahead, and is hoping to spark a global fire with the move. The transition got off to a rough start with the country wide wallet being pulled offline immediately after lunch, while Bitcoins value plunging in intraday movement gave the doubters their podiums to stand on. Once the evening hours rolled around McDonalds, Starbucks, Panda Express and other corporate brands had opened up Bitcoin payment acceptance to the masses!
Bitcoin In El Salvador
Since the roll out almost 48 hours ago at this point El Salvador has amassed almost double the Bitcoin they started with, thanks to the institutional led crash in Bitcoins value. Within that same time frame, has introduced legislation to make Cryptocurrency legal tender. has passed a bill unanimously which makes Cryptocurrency legal. The spark has been set and the Global opportunity fire has been lit. People are starting to realize that we have the real economic power. Several other countries are beginning to see the opportunities, and the future with cryptocurrencies, and it is clear that El Salvador will not be the last country to make this
Blockchain technology, and interface will continue to disrupt, and change the world as we know it for the foreseeable future. El Salvador took a huge risk with Bitcoin, and we think it will pay dividends. This move may make them the most wealthy country in Central America in the near future. I know I added another $30.00 worth of BTC yesterday to show solidarity with this historic move. I can’t wait to see how fast Crypto becomes every nation’s choice of currency. We are witnessing a massive economic shift and disruption, and the results for humanity will be incredible.
Written by Caleb Hogan from ofthefreemarket.com on September 8, 2021
