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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9 Comments

  1. This is very odd behaviour from a Head of state. Governments like to manipulate the price system, engage in deficit spending to pay for promises made, and pay debt off by printing more notes ( thus inflating the money supply). A Head of state wanting to make bitcoin legal tender is an admission of his own government’s fiscal recklessness. The situation must be pretty dire if El Presidente feels inclined to build his country’s financial sector around a currency that can soar or plummet in value on the ramblings of a rich man.

  2. [QUOTE=”Axle Grease, post: 35560, member: 3458″]
    This is very odd behaviour from a Head of state. Governments like to manipulate the price system, engage in deficit spending to pay for promises made, and pay debt off by printing more notes ( thus inflating the money supply). A Head of state wanting to make bitcoin legal tender is an admission of his own government’s fiscal recklessness. The situation must be pretty dire if El Presidente feels inclined to build his country’s financial sector around a currency that can soar or plummet in value on the ramblings of a rich man.
    [/QUOTE]
    Nah, he just wants to keep the money flowing from all the Salvadorians abroad that send it home.
    This way he can control it and seem like the people’s hero.
    Short term strat from a man that most likely will declare himself president for life fairly soon.

  3. Step 1 – steal underpants
    Step 2 – nationalized Crypto exchange
    Step 3 – profit

    We have finally found out what step 2 is!

  4. I love how just on the news radio today they were talking about states wanting a slice of the cryptocurrency pie. How the hell do they plan on doing this. The WHOLE design is to evade government oversite.

  5. [QUOTE=”Grimlakin, post: 35597, member: 215″]
    I love how just on the news radio today they were talking about states wanting a slice of the cryptocurrency pie. How the hell do they plan on doing this. The WHOLE design is to evade government oversite.
    [/QUOTE]
    You cant evade anything unless you have free internet access and by free I mean not the kind that’s controlled by a government.
    This would be much easier to control than the U.S. dollar that is currently used in Salvador.
    It’s simply another way for a ruling party to solidify their grip on power.

  6. [URL unfurl=”true”]https://www.techspot.com/news/90113-world-bank-refuses-help-el-salvador-bitcoin-implementation.html[/URL]

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