Bitcoin is legal tender in El Salvador. What does it mean for the broader crypto market? Some bulls think ‘it could be huge’

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Bitcoin is officially legal tender in El Salvador, a country in Central America with a population of 6.5 million and a gross domestic product of about $27...

Bitcoin is now officially legal tender in El Salvador, a country in Central America with a population of 6.5 million and a gross domestic product of about $27 billion, as of 2019.

Bitcoin’s legalization in the country, championed by 39-year-old President Nayib Bukele, means that it can be used to pay taxes, services at all businesses, except those unable to process such transactions. Perhaps more than any other country, El Salvador relies on money sent back to the tiny country from those outside of it. No other country relies more on such remittances outside of Haiti, according to an article by The Wall Street Journal published last year in 2020.

He also said that El Salvador’s moves are likely idiosyncratic and come against a backdrop of economic and social problems in the Central American country. He said that its move may not portend a groundswell of such moves by other countries. Meanwhile, the adoption of bitcoin in the country could be seen in a similar light to institutions and corporations slowly adopting bitcoin earlier this year and last year.

That said, Presearch’s Pape cautioned that legal designation of bitcoin in El Salvador could also create more turbulence within the crypto complex.

 

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😳

More gangs come to the crime party. Makes bitcoin look terrible.

Late

It means nothing.

Everyday Salvadorans are going to be so outside looking in with this, that even considering use cases for them is hilarious.

Wonder why they are using crypto now?

Just what El Salvador needs, an unregulated currency that can’t be tracked who’s value flutuates and hasn’t been adapted by the vast majority of other nations…

I think El Salvador will be the lab rat to test crypto and the rest of the countries will stand back and making observations on how to regulate, improve, and prevent illegal transactions. They need to test it in a crime riddled country for regulation purposes

Saddam tried to leave the petrodollar, Qaddafi tried to leave the petrodollar, Bashir is trying to leave the petrodollar..Que up El Salvador invasion !!

i want Turkiye for second one. But i think second one will be Uruguay. 👍🏼

What if the transactions per second don't support the demand? El Salvador are the test subject here. The thing can swing either way now! This could backfire yet!

Let the domino effect begin. Early adopters get best exposure for sure. Nothing to worry in india , we will last just like catching moving train. Slowly getting there

God-damned! Fuck Bitcoin😡 Fuck Nayib Bukele 😡

in my opinion, crypto looked like a joke to the rich at first they didnt really believe it all but now its all diffrent and in the future a llot more people will get behind and know that it isnt a joke. hopefully it can help other countries gain alot more money (poor countries).

Bulls_it.

Nothing burger...

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