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- For the first time, a world leader has accepted and acknowledged cryptocurrency as an official form of payment
- By allowing bitcoin as a legal tender, the citizens will not be left out from the services and will gain a sense of financial inclusion
- Charlie Shrem, a significant Bitcoin supporter, said that this was a substantial move towards hyperbitcoinization
El Salvador’s president, Nayib Bukele declared bitcoin as a legal tender. Following his announcements, bitcoin will be accepted as a legal form of currency used all over the country. Cryptocurrency adoption has undoubtedly peaked, and the President’s most recent move marks a massive milestone for the cryptocurrency community.
A Great Achievement in the 12 Years History of Bitcoin
For the first time, a world leader has accepted and acknowledged cryptocurrency as an official form of payment. In his most recent tweet, he expressed his enthusiasm regarding cryptocurrency adoption by attaching a laser eyes picture. Bukele’s move is pretty similar to Elon Musk’s activities regarding bitcoin earlier this year. Bitcoin, the largest cryptocurrency, suffered a massive loss in its value after reaching its all-time high of $64,000 in April. A single BTC token is currently trading at $35,994.83 and is down by 1.02% in the last 24 hours. BTC’s market capitalization is $674.09 billion, and the daily trade volume is $34 billion.
Bukele’s Decision Widely Appreciated by the Crypto Community
President Bukele, at the Bitcoin 2021 conference in Miami, said that almost 70% of El Salvador’s citizens lack access to traditional bank accounts or any such financial service. By allowing bitcoin as a legal tender, the citizens will not be left out from the services and will gain a sense of financial inclusion. Moreover, this will also help generate jobs for the Salvadorans. The cryptocurrency widely appreciated Bukele’s decision because it was, in fact, a tremendous achievement for bitcoin.
Charlie Shrem, a significant Bitcoin supporter, said that this was a big move towards hyperbitcoinization, which will revolutionize the prevailing financial systems. He added that only a specific cohort of people understand the disruption the separation of money and the state will have on society. Danny Scott, the CEO of crypto exchange CoinCorner, said that El Salvador’s policy on cryptocurrency could be an eye-opener for other countries.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
