Earlier today, President Nayib Bukele announced his intentions to make Bitcoin legal tender in El Salvador. If passed, this move would make the cryptocurrency an official currency. President Bukele is clearly very bullish on BTC and is touting its utility and even thinks it will help low income families.
But citizens are sounding off on Twitter, claiming that most people do not even know what the cryptocurrency is or how they would buy it. Clearly, there is quite a divide on the issue. One citizen replied directly to President Bukele (translated):
But what can the 90% of the population who earn NO more than $ 300 a month be happy about? I think that same population would be happier if our national currency El Colon will return, do not take me as someone retrograde, if someone pragmatic and realistic
Other issues voiced by the people of El Salvador include the environmental impact of Bitcoin and addressing more pressing issues, such as clean water, crime, expanded healthcare access, and education.
Certainly, there are two sides of Bitcoin: investment and utility. This move by President Bukele represents the first time a nation is seeking to adopt Bitcoin for its utility. There are regulatory hurdles ahead but it will be quite interesting to see how this move pans out in El Salvador. We're certainly entering an age of transformation, especially when it comes to cryptocurrency.
Bitcoin, at the time of this writing, is currently trading at $36,119.74
