news: 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.

Business Analyst /Blockchain Enthusiast

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

In April 2017, when Japan enacted a law to provide legitimacy to digital currencies, bitcoin from the sub 2k level went on to reach 20K by Jan of 2018. With a GDP of 25 billion USD, El Salvador is nowhere near Japan with a GDP of 5 trillion USD, however with a law of making Bitcoin a legal tender, it has certainly caught the world's attention. But it cannot be argued that other countries to follow soon. To begin with, since 2001 El Salvador never had an independent monetary policy or a currency of its own and is using USD as its legal tender. So merely adding another currency to its list of legal tenders was much easier. This may also pave way for the countries already using pegged currencies to move towards Bitcoin or stable coins such as USDC or USDT. But for the bigger economies shifting to Bitcoin means losing their control over monetary policy aka printing currencies. So they will be more hesitant and resistant to adopt decentralized cryptocurrencies. That's the reason why countries like Venezuela and Iran even after US sanctions have not started using Bitcoin in a big way though they had tried to create their own cryptocurrencies. When more countries especially in Latin America showing eagerness, the focus will also shift towards the security of the bitcoin network with the recent rumor of the FBI hacking the network to retrieve the ransom paid by the Colonial Pipeline may act as a damper. So El Salvador can become a case study on how to make citizens adopt cryptocurrencies and impart cybersecurity knowledge if it succeeds in its mission. On the Bitcoin price front , the news is definitely bullish. Now the Bitcoin will have more acceptance and more banks will be ready to deal with it. We can expect to be traded in currency markets openly. Also, the El Salvadoran move could make it very difficult for other countries to ban Bitcoin as no country has ever banned legal tender of another currency. Definitely, Bitcoin along with stable coins will be in demand near future. Hope for the moon. ( Salvadorans can enjoy the moon without worrying about the capital gains tax)

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.

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.

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.

Engineer

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

El Salvador accepting bitcoin is great news. Currently, there is quite a lot of unfavorable news, making investors confused. But good news like this will make the crypto community feel safe to invest

Sales

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

wow Good news 👍 that El Salvador has become the first country to adopt bitcoin as legal tender. I'm sure this will have an impact not only for bitcoin but for the crypto world in general. This will be a consideration to other countries' governments that bitcoin can be a viable means of payment.

Businessman

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

While this is good for crypto going forward, I think the impact of this news will be short term and minimal, but off course, the long term future of Btc & altcoins is only in the upward, I don't believe this can be stopped by government or any regulations, the current drawbacks won't last long and new all time high is around the corner. I also expect few other countries to follow the path of El Salvador in the coming months and years. The market is certainly bullish. What a terrific end to the year it will be.

Algorithm creator, coder, chem. engineer,trader,investor

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

Fluctuations of 5% cannot be subject of reason in the crypto sphere. as for the recent news considering El Salvador, I believe this is the first move of many to come. first BTC will be adopted by large countries as mean of wealth transfer (recent comment of Senator Lummis) then eventually BTC will be pegged with some kind of a global point/wealth index for international trade. what makes me think this way is a simple calculation product of power consumption ,evaluation ,fees that all together will eventually force BTC to be used only for large transactions. the paradox will be a good layer x solution on BTC that will make Bitcoin money but that's only wishfully thinking as for now.

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