rise: 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.

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.

Blockchain and Crypto Project Consulting

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

Bitcoin, before August 2020, suffered from an appalling lack of a dependable price floor that could have triggered it's mass adoption much earlier. But the turning point came for it when Micheal Sailor of Microstrategy bought into it (https://www.microstrategy.com/en/bitcoin/bitcoin-for-corporations) Ever since its first transaction, and block, bitcoin was wholly in the hands of mostly price speculators who held it for a while and sold it the moment the first couple of dollars in profits was turned. These speculators were purely profiteers who didn't care about what a good strategy for Bitcoin's mass adoption should be, so, with their crave for quick profits denied the coin that all important build up of a price floor. Which was why we can see it record a crash of between 30% to 80% at times, and most businesses refusing to accept it as a medium of exchange. All that would soon become a thing of the past as we have started to see institutions like Microstrategy, other high net worth companies and individuals owning bitcoin. The concrete fortification of this price floor would come when countries, like El Salvador just did, begin to adopt it as a legal tender. That means bitcoin will seep through the nation's commercial and economic fiber triggering it's smooth and unprecedented mass usage. So, welcome to bitcoin mass adoption. But remember a whole lot of it is still in the hands of speculative retail, so, expect it's price to split rise and fall in the short term. This may very well be slow, but make no mistake about it, a progressively higher and stronger floor is been built for Bitcoin henceforth.

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.

martin palermo

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

very good and really appreciate what El Salvador has done, I think this is the beginning of the rise of crypto currency because there are countries that dare to admit it and the next impact is that there will be other countries that follow I'm sure that

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.

Crypto Enthusiast

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

even though the price of Bitcoin is currently falling and people are more interested in altcoins, Bitcoin is still the most popular crypto asset and has the largest marketcap. The existence of innovations around Bitcoin is projected to encourage the development of these crypto assets. “The existing Bitcoin innovation will make Bitcoin have a higher demand so that it has the potential for bitcoin to rise again to a higher level in the future

Trader

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

I think the value of bitcoin will rise again and it will be stable by then up to end of this year. And more country will adopt this digital cryptocurrency. There will be more investors in Cryptocurrency.

Nhanle1995

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

I think bitcoin will rise to the $100,000 mark, certainly the crypto market will grow strongly by the end of the year Good information and market trends with investors are very supportive of bitcoin growth

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