A historic breakthrough? Bitcoin Becomes Legal Tender in El Salvador

A big step in Bitcoin history.

The community was swept up in a message today: bitcoin is finally becoming legal tender in a country.

In the first few days, the Republic of El Salvador is seeking legislation that would make it the first sovereign country in the world to make bitcoin legal tender alongside the US dollar.

And this follows news that Salvadoran President Nayib Bukele has submitted a draft bill to the country’s legislature that would make Bitcoin legal tender in El Salvador.

Salvadoran President Nayib Bukele said there is an almost “100% chance” that his bill to make bitcoin legal tender will be passed tonight. In a Twitter Spaces conversation with an audience of 22,000 after 5 a.m. UTC, he said the bill is currently being debated, but since his party holds 64 of the 84 seats, he expects he will first sign the law later tonight or tomorrow. He revealed that he will meet with the International Monetary Fund on Thursday.

Not only that, but the government may also release an official bitcoin wallet and also intends to hold bitcoin on its balance sheet, but that would require a separate law, and secondly, those who invest in 3BTC in El Salvador could will be granted permanent residency, and officials will also create a trust to take the risk of accepting bitcoin merchants.

For this event of great significance in the cryptocurrency market, there are still many people who are skeptical about it. After all, El Salvador is a country of very little influence, with a total population of 6.6 million, the same size as Shanghai’s Pudong New Area, and almost one of the smallest countries in Central America, and then there is the issue of making Bitcoin legal tender, how does that correspond to the price of the country with such large fluctuations in Bitcoin, and will it become a country that will be harvested by other big Bitcoin players?

These are realistic and indeed exist, but the problem lies in the fact that this is a sovereign country, which can be significant enough for bitcoin and even cryptocurrency to make it ignore other issues.

Previously, El Salvador was mainly dominated by the US dollar, but it was also frequently harvested by the US dollar, and the current step is a symbol of the rebellion against the hegemony of the dollar, and the current commitment to Bitcoin means that Bitcoin is verified to be sovereign-free, and the behavior of this country means that a new element is injected into human society, and as the market says, the size of the country is not important, but the important thing is the breakthrough from 0 to 1, from nothing to something Breakthrough, that’s the biggest meaning. No matter how you interpret it, the fact that Bitcoin is a sovereign currency of a country has been etched into the history of the blockchain.

In other good news last night, Warren Buffett’s Berkshire Hathaway invested $500 million in Brazilian digital bank Nubank. And with Nubank acquiring brokerage firm Easyvest, the two financial firms plan to join forces to offer bitcoin ETF investments to their customers.

This scene is actually quite puzzling, previously led by Warren Buffett, Berkshire Hathaway’s other principals, basically are very scornful of Bitcoin or even disdainful comments attitude, even when Bitcoin rose on $60,000 is also the case, Buffett clearly said will not hold any Bitcoin, although the company has a lot of investment business, Buffett can not be one by one to manage, but before and Bitcoin so clear-cut attitude, and now involves Bitcoin aspects of investment, Buffett does not know is impossible.

Therefore, we can understand that no one will refuse the interest, and Berkshire obviously entered this field for the interest, but this is still good for the cryptocurrency market, bullish to inject capital, and bullish means that there will still be more and more people entering this field in the later stage.

Back to the market, after bottoming out at $31,000 last night, it started to rebound, and rebounded to above $33,000 at the highest, and started to pull back in the morning, and rebounded again near $32,000, and as of now, it has returned to above $34,000.

Last night fell to $ 31,000 was once very desperate, but the back still managed to rebound up, that in the process, the technical side played a role is actually not much, mainly from $ 30,000 closer to the start of the bottom to cause a rebound, and today’s daytime wave is entirely dependent on good news and market atmosphere.

A historic breakthrough? Bitcoin Becomes Legal Tender in El Salvador

Of course, the current market has not fully stabilized, a short period of time there is a rebound, wait until this gas has passed, and then see the strength of the support below, especially after the retracement there is no popularity, but the overall view, this wave is considered a weak state of the oscillation range, the current is not the time to let down your guard.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/a-historic-breakthrough-bitcoin-becomes-legal-tender-in-el-salvador/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-06-09 06:08
Next 2021-06-09 06:14

Related articles