Cryptocurrency is paving its way worldwide!

El Salvador Flag with Bitcoin

I’m back from my hiatus. Thank you all for patiently waiting, I know that this topic would really take back my passion in writing about cryptocurrency. It has been a tough month for me and my assets, but I’m gradually getting back to serving my fellow traders thru giving the latest and hottest news on crypto!

For today’s topic, I know that you already read a lot of articles about this big news. However, your crypto diary is not yet complete without my own personal take on this matter. As you all know, recently, El Salvador became the first country to adopt bitcoin as a national currency, kicking off a radical monetary experiment that could pose risks to the fragile economy.

This surely had a big impact on the market, I know you would agree. For the past few days, the market has been very crucial. As you remember, on September 8 bitcoin prices dropped sharply and users called it the “Bitcoin Day.”

Furthermore, President Nayib Bukele announced late Monday that the Bitcoin is now legal tender in El Salvador alongside the US dollar. He also mentioned that the government purchased more or less 200 bitcoins ahead from the time that they publicized the news.

This is history!

El Salvador is now the first country to adopt bitcoin as legal tender. According to the law, the designating bitcoin as legal tender says that all “economic agents” shall accept the cryptocurrency as a form of payment. That’s really good news for traders in El Salvador, considering that tax payments can be made in bitcoin.

So, if you’re going to ask me if bitcoin can be part of our government currency in the future, my answer is yes, it could be. With everything that’s happening right now, there is nothing impossible in crypto.

El Salvador created their own “Chivo Wallet,” it is an application created by the government which will deliver $30 worth of bitcoin to people to promote its use. The government is making different ways to properly advertise bitcoin.

With the lack of information about cryptocurrency, this tender could be a great way to present and embrace technology in the country. Yes, cryptocurrency is difficult to understand, but if the internet, studies and researches offer a lot of information, ignorance could not be a hindrance to properly use these tokens including bitcoin.

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Demondre Andrews

Demondre Andrews

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