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El Salvador Is The First Nation To Adopt Bitcoin As Its National Currency
Posted
September 10, 2021
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September 10, 2021
12
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3:42Now PlayingEl Salvador has adopted Bitcoin as one of its official currencies. Check out the video to learn why!
Welcome back to Bold TV with Philip Michael. Be sure to like, comment, and subscribe to Bold TV for other finance news, and all things Bold.
El Salvador is the first country to recognize Bitcoin as a legal tender. This was met with lots of controversies. But many Bitcoin fans believe this was evidence that Bitcoin was in fact the future of cryptocurrency. Unfortunately for them, Bitcoin tumbled 10% in value when the news was announced. This caused many to lose money in the short term due to Bitcoin’s loss in value.
The reality is that no one actually knows what’s going on with Bitcoin. What people do know is that Bitcoin is a computer technology and that there’s a system that’s antiquated, which may be ripe for disruption. This possibility of disruption has many people excited. Does this mean Bitcoin is the future?
When it comes to El Salvador, here are the facts. El Salvador is one of the poorest nations in the Western Hemisphere. If you look at inflation and unemployment, El Salvador is either at the bottom or close to it. In addition, El Salvador’s GDP is about half of the GDP of Rhode Island. Bringing Bitcoin into the Salvadoran economy as a national currency doesn’t have that large of an impact in the grand scheme of things.
On the other hand, we have to start somewhere. El Salvador was the first and there has to be a first country to adopt it as a legal tender so that other countries can follow suit. But this is all based on the hypothesis that cryptocurrency is the currency of the future. We don’t know if it will disrupt everything. The reality is that no one knows and it’s a huge gamble. Bitcoin has still not settled so it's unclear where this and all cryptocurrency is going.
Many have said that by the end of the year the Bitcoin will rise to 100,000 USD or 1,000,000 USD but it’s usually the people that have a stake in it that say this. It’s unclear and the cryptocurrency space is filled with pump and dump schemes so it’s important to be careful.
Until a larger country or institution like the UN adopts Bitcoin or claims that it is the future, Bitcoin will be a risky bet with an uncertain future. Do you agree?
Let us know in the comments below.
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