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

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...

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.

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.

Security guard & Cryptocurrencies Trader

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

In July 2021 Bitcoin may heavily boost its price. We assume as high predictable a mass adoption of this cryptocurrency next months. We expect on July 2021 a Bitcoin rise with a strong capitalization and consequently a concrete value per coin increase.

ingenieer

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

The cryptocurrency market provides a long-term opportunity in the face of the current difficult economic conditions; especially in countries with high inflation rates.

Full stack develop

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

El Salvador is amazing. In a digital age like today, the exchange of cryptocurrencies is an inevitable need. El Salvador pioneering the exchange of Btc with commercial institutions is a spectacular step forward for the cryptocurrency sector. I always support this. Wish success

Graphic designer

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

In my opinion, we will see other countries take El Salvador's step before the end of 2021, and as for the movement of the cryptocurrency market, El Salvador's decision was not largely positive to the market's movement, and the coming months, in my opinion, will witness more stagnation and market stability and slight movements until the last months of The year that often witnesses a positive movement in the cryptocurrency market.

Computer Hardware Specialist

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

This can be a very positive and impactful milestone for the crypto community and financial infrastructure. The crypto Community as well as the established financial institution of various Nations should keep an eye on the progress and how this is being adapted and how well it take roof because this could be the start of something really huge for crypto globally. El Salvador can be a role model for the entire world to realize the power and the impact of cryptocurrency.

President - Founder & CTO

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

Bitcoin adopted by El Salvador - A deeper look at the impact on the crypto world. Written by Travis Capps, June 06, 2021 Today, El Salvador has become the first country to adopt bitcoin as legal tender. The price of bitcoin was up 5% shortly after the vote. "The market will now be focused on adoption through El Salvador and whether other nations follow," said Richard Galvin (Digital Asset Capital Management). "This could be a key catalyst for bitcoin over the next two to three years." El Salvador will, according to the law, "promote the necessary training and mechanisms so that the population can access bitcoin transactions”. Lets take a look at the impact this could have on the crypto market, the price of Bitcoin, the citizens, and the economy of El Salvador in the coming months. First, the crypto market: As Bitcoin finally becomes put to use as the nation's main currency, we may see an increase in how many people view bitcoin as a currency globally, as opposed to just an investment. If it does, we could see the price of Bitcoin stabilize and possibly increase. Second, the citizens: Since every citizen now has access to bitcoin, they will be able to have a more direct path between fiat currency and cryptocurrency. This could help put financial stability in the hands of everyday citizens, essentially allowing them to invest without even being aware that they are doing so. Finally, the economy of El Salvador: As I stated before, it is likely that cryptocurrencies will have a stabilizing and uplifting effect on the economy. More money in circulation should help stabilize the economy a bit more and allow for a slow but effective climb out of poverty for many citizens. Perhaps one day we will live in an age where cryptocurrency (like bitcoin) is treated as a commodity instead of fiat currency. This would make things like eliminating taxes a bit easier, and entire economies more reliable. The people of El Salvador have a chance to change the world as we know it and fulfill what some may call a prophetic overhaul of the imperialistic and rampantly fraudulent banking and reserve systems that have kept entire nations at their knees for far too long.

Front-End Developer

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

It will not have too many impact on crypto market. Maybe if it was larger country then it would have a big impact on cryptocurrency market. But it's a small country with only 6 millions of people living there.

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