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

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

< Show Wisdom Collection: Bitcoin as Legal Tender in El Salvador - impact on the crypto world and future implicationsarticle avatarDian Adrianie Sutedja

Doctor

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

Bitcoin can help boost the economy in different countries. Blockchain technology is a technological innovation that is constantly evolving to try to overcome the problem of centralization. Any juicy News in this month after bad Campaign Elon Musk and China FUD. First, Twitter CEO Jack Dorsey will work with financial company Square Inc to make Bitcoin mining environmentally friendly, because many have criticized Bitcoin mining as not being environmentally friendly. Second, the government of El Salvador, as stated by the President of El Salvador Nayib Bukele at the conference, will make Bitcoin a legal currency. This is the first time a country will use Bitcoin as a legal tender. Interestingly, the currency of El Salvador so far is the US dollar. Developing country problems such as low digital financial inclusion, foreign investment problems and high inflation problems will be well resolved by Bitcoin adopting blockchain technology. No less unique is the plan that the BitMEX platform will partner with a space robot company to actually put Bitcoin on the moon, according to the Bitcoin jargon "to the moon" which means to fly high to the moon. With some good news above, all of these things will continue to grow and increase the demand for Bitcoin. The falling Bitcoin price is a good opportunity to take advantage of the opportunity to buy Bitcoin at a cheaper price than a few months ago. The existing Bitcoin innovation and the willingness of the Government of El Salvador to legalize bitcoin, will make Bitcoin have a higher demand so that Bitcoin has the potential to rise back to a higher level in the future.

article avatarIsak Saripudin

Farmer

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

Countries without fixed foreign exchange rates can partially control how much of their currency circulates by adjusting the discount rate, changing reserve requirements, or engaging in open-market operations. With these options, a central bank can potentially impact a currency’s exchange rate. El Salvador has become the first country to adopt bitcoin as legal tender. Impact for crypto world : This Will increase price BTC and Will High again

article avataredgar loberas

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.

article avatarTravis Capps

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.

article avatarMaxime Lecoustre

Software engineer

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

In case other countries following El Savador, it would seem new pump time for Bitcoin for sure. Other example of Bitcoin massive adoption is how it helped countries against financial crisis or financial fighting as we saw with Venezuela's mining plan. As USA tried to crash their economical system, Venezuela's official FIAT was losing value with inflation under any control... By making official Bitcoin mining plan, Venezuela get ability to get money, and coins they get increased. They also created their official crypto airdropped to Venezuelians. As this isn't FIAT money, They avoid USA's abililty to crash it that finally really sound as protection agains financial system that is not fair and free market.... I'm sure lots of institution and countries, all of these which might be afraid about strongest ones would use Bitcoin and crypto's system to get freedom on their economical system. Of course, it would also increase value with new pump season !

article avatarFavour Grace

Cryptotrader, freelancer, web designer

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

Since the adoption, it means that the demand will be high and supply decreases so the price of Bitcoin will surely increase. This will surely affect other altcoins to make them to markedly increase too. But this will take time for the market to be bullish again because market is bearish now. Also the legal tender will also make it increase because it will be used in different ways.

article avatarnoe tsertsvadze

Mechanic

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

The fact that Bitcoin is recognized by El Salvador as the official legal currency, it already means the greatest achievement in the crypto world! 👏 I think in the future this will give impetus to many other similar small countries to attract investments in Bitcoin and develop the economy, which is naturally a prerequisite for the exchange rate increase in the near future. However, I personally do not expect a significant increase this year 🤷‍♂️🤝

article avatarAli Emre Gemicioğlu

Teacher

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

It is clear that Bitcoin is an acceptable currency between most people in the world. However, if this popularity continues to increase the recognition event on the basis of countries, Bitcoin can be the largest and most common currency. In this period, especially if it spreads the diseases of the manifestable monetary and derivatives, virtual payment systems and especially Bitcoin will take himself to the fore and will be placed to the top.

article avatarVision N

Full Stack Developer / Crypto / Blockchain

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

Bitcoin has been used as a hedge against inflation. Fortunately, El Salvador becomes the first nation-state to approve Bitcoin as legal tender that is really good news because it can inspire other nations to start research to follow a similar track. If other countries get rolled out to approve Bitcoin, it increases additional demands of Bitcoin, and based on the supply and demand ratio, the equilibrium price of Bitcoin will be lifted upwards and it will help to increase the adoption. I see the long term impact in the Bitcoin price due to the step taken by El Salvador as it creates buying opportunities for Bitcoin because it can be used for various purposes but for the coming months, I do not see its remarkable impacts in Bitcoin's market because just legalizing Bitcoin as a legal tender does not force anyone to accept Bitcoin as the main currency. In addition, China is trying to crack down the Bitcoin mining as Qinghai becomes the third province to ban Bitcoin mining. You know, the majority of hashrate was coming from China, and mining ban will also affect the price of Bitcoin. So despite the positive news coming from El Salvador, Bitcoin should struggle to achieve another ATH in the coming months.

article avatarReny Septiani Rakasari

Senior deFi Project and Crypto Research

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

This step is considered to be able to lift the economy of El Salvador and solve the problems of the developing country. This is the first time a country will use Bitcoin as a legal tender. Interestingly, the currency of El Salvador so far is the US dollar. Developing country problems such as low digital financial inclusion, foreign investment problems and high inflation problems will be well resolved by Bitcoin adopting blockchain technology. This means that this technology will continue to grow and increase the demand for Bitcoin. The price of Bitcoin is going down this is a good opportunity to take advantage of this technology and the opportunity to buy Bitcoin at a cheaper price than the beginning of last year. The existing Bitcoin innovation will make Bitcoin have a higher demand so that Bitcoin has the potential to rise back to a higher level in the future.

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

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