Wild thoughts, if bitcoin was a person he will be so pumped right now (the dorime kind of pump🤣) and he would definitely be sipping VSOP right now😂. Honestly, bitcoin and cryptocurrency at large have suffered a lot of criticism, from being called a scam, Ponzi scheme, to being banned and regulated in most of the top countries. It is amazing to see that bitcoin keeps breaking new grounds and smash new records.
BITCOIN LANDS HEAVY BLOW ON CRITICS
On the 7th of September, 2021. El Salvador officially becomes the first country to adopt bitcoin as a legal tender and it is also being speculated that another country named Panama is likely to follow suit. Here is what you need to know.
WHY EL SALVADOR ADOPTED BITCOIN AS A LEGAL TENDER
El Salvador’s president, Nyabi Bukele, characterized the move as historic in a news statement, adding that bitcoin will aid the country’s economic difficulties. Bitcoin adoption, according to the president, would encourage new investments and offer simple access to nearly 70% of Salvadorans who do not have access to conventional financial services.
Finally, the president stated that utilizing Bitcoin will be a viable method of remitting the billions of dollars that Salvadorans living abroad give back to their homeland each year.
TROUBLE IN PARADISE
While the president was elated about the new development it also appeared that some citizens of El Salvador were not happy with the latest development, they expressed their displeasure by hitting the street to protest against the adoption of bitcoin, they were expressive about how bitcoin poised more harm than good. Along with the US dollar, Bitcoin is now legal money in El Salvador. The hazards of the adoption were underscored on Tuesday, when bitcoin values plummeted on “Bitcoin Day,” as Bukele dubbed it. El Salvador briefly stopped Chivo, its government-run bitcoin wallet, on Tuesday morning to boost server capacity, which was preventing new users from installing it.
While we wait on what EL Salvador has to offer the world or what the drama would be (either the adoption would be reversed or not), this is gradually looking like the next reality and you loose nothing by coming on board, join the moving train BITCOIN IS THE FUTURE.
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