crypto: Bitcoin as Legal Tender in El Salvador - impact on the crypto world and future implications

UX Researcher and Designer

What impact could BTC as a legal tender have on the crypto market in the coming months?

Two days after El Salvador bomb news, both Paraguay and Mexico publicly stated that they were following the same path. Beyond the importance of adoption by the world's governments, it is the answer for those who have always been against bitcoin. Bitcoin will undoubtedly continue to rise since institutional money has not stopped entering and for more dips that we see throughout the remainder of the year, the fate of bitcoin will continue to be upward In the coming months, I predict that many more people will join, and not only in bitcoin, but it will be the entrance to the entire crypto-market where DeFi will also begin to take on a greater role. And if in the end, the environmental impact can become a justification for its non-use, then there is no need to worry because the 2030 Agenda is already within the plans of the crypto community.

A farm and a laboratory that utilize blockchain technology for genetic purposes.

What impact could BTC as a legal tender have on the crypto market in the coming months?

That is a great news for bitcoin and crypto industry in general. Crypto adoption officially have begun. The economy consists of supply and demand but behind the economy peoples are standing. And if government gives green light for some stuff it means a lot. It means that all categories of citizens belonging to certain social formations will gain access to bitcoin, will use it in everyday life, thereby expanding the possibilities of its adoption. If speaks about the impact on the price. I think it will rise through the time. Bitcoin is the type of assets that is so unique as gold or silver, has limited emission, transparency and the only one truly decentralized. I love bitcoin.

Blockchain academic & analyst.

What impact could BTC as a legal tender have on the crypto market in the coming months?

Satoshi Nakamoto, the pseudonymous creator of Bitcoin envisioned it as a globally accessible financial service. As is the case with most of the developing nations, 70-80% of the population do not have access to simple financial services let alone a bank account. Things most of the developed or Western World take for granted. For the developed nations, Bitcoin is mostly seen as a speculative asset and a means to diversify their investments, but for citizens of less developed nations, it is a means of exchange & a store of value. Citizens of nations hit hard by hyperinflation and run by rogue central bank governors and corrupt monetary policies, adopt Bitcoin because it is a clear way to store their wealth and escape the grasp of authoritarian rule. According to EL Salvador's Bitcoin legal tender official decree, there were several considerations that led to such a decision, three points caught my eye; Article III: Approx. 70% of El Salvador's population do not have access to traditional financial services Article IV: The state recognizes its obligation to facilitate financial inclusion for all citizens and fulfill their basic rights Article V: Choosing a digital currency which value is determined by free-market criteria. -------- The primary aim is to provide financial inclusion for all. Adopt a currency that is not controlled by anyone, but accessible to everyone. El Salvador & countless other nations use the USD as legal tender, but have all suffered from the US foreign policies & Bitcoin has finally provided a way out. I can think of many other nations who share the same issues and would benefit from such a move but I would not rush to assume that others will immediately follow as authoritarian rule and politics come into play and when it comes to money & power, the stakes are higher than ever. We are witnessing global shifts in power & central banks of China, the EU & USA are all in a race to launch their very own digital currencies for global financial control. Bitcoin is a decentralized, permission-less, borderless global financial system that offers people an accessible means of exchange & trusted store of value. China, US & EU are aware of its power & it is only a matter of time until they succumb to the fact that it is here to stay and there is nothing they can do about it to prevent other nations to adopt it as legal tender. The crypto market is at its very early days, with a market cap of a mere $1.5 Trillion. Every day more use case & applications are built on the same technology powering Bitcoin, Blockchain. Such news coming out of El Salvador only fuels Bitcoin's power and resilience against false narratives that claim Bitcoin & cryptocurrencies are a scam and will only drive more adoption.

BlockChain Polymath

What impact could BTC as a legal tender have on the crypto market in the coming months?

A small step for Bitcoin (the cryptocurrency), a giant leap for humanity! The system of the "modern nation-state" started with the Treaty of Westphalia (1648 AD); It's taken them 373 years (From the year 1648 to the present year 2021) to begin to empower their (poor) citizens. As an accountant, I can confidently tell you that "state-issued money" is the underlying basis for every relationship between the citizens of a state and with the state itself. And as a lawyer, every day I see this in the Courts, that every lawsuit is settled in "state-issued money". So, the impact of the present event of "Bitcoin becoming Legal tender (state-issued money) in El Salvador" on the crypto world and our future is " the change in the basis of the language of Power (Law) and the language of Business (Accounting), which was Standards set by the few (Politics) now to Standards set by many (Software Code)". I look forward to this future...

Cyber Security, Blockchain and 3D Printing

What impact could BTC as a legal tender have on the crypto market in the coming months?

This move could mark the beginning of an open battle between global currencies. The US Dollar dominance is being attacked on 2 fronts, first is the chines CBDC and second crypto currencies, especially Bitcoin. In my opinion this fight is already going behind closed doors, now it is an open and viewable. The outcome depends on whether and when more countries rapidly join El Salvador. The IMF will likely try to intervene for the US and the more countries participate the harder the intervention. If these smaller countries plagued by currency problems accept BTC as store of value, the ripple effect could be huge. Basically BTC value is based on trust and mining so accepting BTC as payment is like saying we trust it at least as much as the US Dollar. Longer down the road this could result in many more and larger countries switching to El Salvador’s approach.

Compliance Engineer

What impact could BTC as a legal tender have on the crypto market in the coming months?

The adoption of bitcoin in El Salvador more importantly recognition as legal tender is that one small step the world needs to expedite global adoption and acceptance as legal tender. Having studied the market and been a part of crypto for the better part of seven years and having lived off of crypto for five years without the need for a dollar I truly understand the convenience of what is now taking place in El Salvador. Honestly speaking however what its impact might have on the market will be nothing more than a blip. May be a five or 10% rise in the price of bitcoin and the alts to follow. But that's nothing more than normal fluctuation. El Salvador is a small country when compared to the global population. Any true impacts you find on the market with relation to bitcoin is most certainly the result of the whales pumping or dumping whatever suits their needs. I feel that El Salvador is just the first in many poor nations or nations with corruption or poor economies that will adapt and recognize bitcoin as legal tender. Any nation or government local or national to deny bitcoin as legal tender at this stage is only killing themselves. Whether you ban bitcoin or love bitcoin, It will remain as it is an outstanding store of value a means to transfer wealth from one to another in the God-given right to do so on your own accord and on your own terms and conditions. Congratulations to El Salvador for being a step ahead of the rest. And if you don't think digital currency's are going to be a mainStay in our lives moving forward then you're only kidding yourself.

Developer

What impact could BTC as a legal tender have on the crypto market in the coming months?

The adoption of bitcoin as legal tender in El Salvador will pave way for crypto currency usage in other countries if it doesn't improve fraudulent activities using bitcoin in the country, then other countries would have a positive view of it and adopt it as a legal tender in their countries thereby increasing the price of crypto currency in coming months. With this new development, more companies and firms will as well follow suit in the acceptance of crypto currency as means of payment which will also create a bullish market in the the crypto market in coming months.

Full-stack Developer

What impact could BTC as a legal tender have on the crypto market in the coming months?

This will definitely be a key catalyst not only to bitcoin but for all other cryptos. This is because global investors are beginning to heavily eye the cryptocurrency space for sometime now and by letting large amount of people to have access to transact bitcoin will definitely arise to bulk purchases thereby leading to bull runs which will definitely be a plus to some if not all cryptos in the crypto market.

Engineer

What impact could BTC as a legal tender have on the crypto market in the coming months?

It won't make any difference, because btc price is always unstable. The correct question is...can the El Salvador government stay stable by holding btc. If they fail then the world will lose hope on decentralised crypto adaptation.

Technologist/Education Consultant

What impact could BTC as a legal tender have on the crypto market in the coming months?

A very positive development for cryptocurrency. I see more countries towing a similar line in the coming months. With this exciting news from El Salvador, I see bitcoin and crypto at large inching closer and closer to mass adoption.

This is not a financial advice. Please do your own research and consider the risks of trading cryptocurrencies.