El Salvador Could Be the First Country to Adopt Bitcoin as Legal Tender

Image: Karolina Grabowska (Pexels)

Bitcoin has dipped pretty significantly from its all-time high of $63,000 in April, but that hasn’t stopped some prominent individuals from seeing the potential of the world’s top cryptocurrency. Those would include El Salvador President Nayib Bukele, who confirmed during this week’s Bitcoin 2021 convention that he would be introducing legislation that, if passed, would make his country the world’s first sovereign nation to adopt bitcoin as legal tender. According to Lightning Network payments platform Strike founder Jack Mallers, bitcoin serves as an incredible reserve asset that could help “protect developing economies from potential shocks of fiat currency inflation.”

Image: Presidency of the Republic of El Salvador

In a video broadcast to Bitcoin 2021, a multiday conference in Miami being billed as the biggest bitcoin event in history, President Nayib Bukele announced El Salvador’s partnership with digital wallet company, Strike, to build the country’s modern financial infrastructure using bitcoin technology. “Next week I will send to congress a bill that will make bitcoin a legal tender,” said Bukele.

Source: CNBC

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