Discover and read the best of Twitter Threads about #BitcoinLaw

Most recents (9)

Kosovo is my dark horse pick in the #Bitcoin legal tender race.

Kosovo lies at the center of the Balkans with a population of 1.8 million. Small and nimble like El Salvador.
Here's the list of countries that:

- use the dollar or euro as their only currency
- cannot mint the dollar/euro
- have remittances as a % of GDP > 10%

Bermuda (USD) (20%)
Kosovo (EUR) (19%)
Montenegro (EUR) (13%)

El Salvador (USD) (24%) was at the top before #BitcoinLaw.
Read 11 tweets

@nayibbukele is talking in spanish to the salvadorans.

He's addressing that the colon-USD switch is being used as an excuse to tell that his administration will do the same with the BTC-USD switch.

@PeterMcCormack @coryklippsten
The wages and pension will be liquidated in USD.

Bank accounts in dollars will not be turned into BTC-accounts.

"No account will turn into Bitcoin".

If someone receive a Bitcoin payment could exchange it to USD automatically. It's not forced, Bukele says.
He inisist that people will not be forced to price things in Bitcoin. It's optional.

The state will take bitcoin for the taxpayers. "This is an option for salvadoran people. If you don't want to use it, you don't have to".
Read 24 tweets
El Salvador has recognized Bitcoin as legal tender. Historic. The Spaces chat with @nayibbukele was incredible. Shoutout to @nic__carter

As the dust settles, let’s talk a little more about what this means for US commercial law and why I think we need to reform the UCC. A thread
1/ UCC1-201(a)(24) defines “money” as “medium of exchange currently authorized or adopted by a domestic or foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more countries”
2/ As the Salvadorean #BitcoinLaw has recognized Bitcoin as legal tender, is it now “money” under the UCC? What would the implications be? Good/bad?
Read 12 tweets
An eight part video thread about #Bitcoin the #BitcoinLaw and the incredible work of @nayibbukele and @jackmallers
The arguments against #bitcoin just aren't good arguments. Arguments against El Salvador will be just as unfounded.
Let's be clear. Inflation is harmful.
Read 8 tweets
So yesterday:

- @nic__carter started a Twitter Space out of boredom while making pork chops

- A couple of hundred of us jumped in and talked about the #BitcoinLaw

- Then, @CaitlinLong_ found out the law was being voted on in congress live while we were talking
- Then, @JuicefBukele entered the space (brother of the El Salvador president) and chatted with us plebs

- More bitcoiners entered the space, including @jack

- Nic joked about getting the president in the Space

- Plebs tweet at @nayibbukele

- Nayib Bukele enters the Space
- 22,000+ people enter the space

- Nic, @APompliano, @CaitlinLong_, @gladstein and others discuss the law and share ideas about #bitcoin adoption

- Pomp asks Nayib about mining #BTC in El Salvador

- Nayib suggests possible volcano mining options

- #BitcoinLaw passes 66 of 84
Read 6 tweets
0/ In today’s Delphi Daily, mixed trading signals for $BTC, @terra_money and #ethereum undervalued, and $ETH supply in smart contracts.…
1/ Market Update-

🔹El Salvadore passed the bill that makes BTC legal tender in Central American country.

🔹Technical indicators are giving mixed signals with a bullish divergence forming while BTC defends its H&S neckline.

🔹ETH supply in smart contracts makes new highs.
2/ Yesterday, BTC attempted a test of its 2021 yearly open support level at $29,400. This level is crucial to defend if the longer-term bull market structure is to continue. This is accompanied by dip-buying and exchange withdrawals as mentioned in our previous daily.
Read 10 tweets
We see a great example in the noise around the El Salvador news of the need for education of the differences between #Bitcoin and altcoins ...

+ we see why some are pushing hard for this education to be defined as “toxic”
Even ahead of the #BitcoinLaw being approved by the Salvadoran Congress this morning, altcoin folks claimed El Salvador was making “crypto” legal tender (btw - no they’re not; this is #Bitcoin specific and for good, technical reason) and had begun setting up regional HQs.
Why #Bitcoin?

a) It’s security model is long established; it’s historically proven robust and dependable. There’ve been no protocol breaches (a pretty important quality of an emerging market’s legal tender).

b) It’s decentralized, and as a result, the rules are known & stable.
Read 6 tweets
El Salvador aprobó la Ley Bitcoin #BitcoinLaw en la cual lo acepta como moneda de curso legal, siendo el primer país en aceptarlo como dinero. La medida tendrá varias implicaciones sobre la economía de ese país, pues es equivalente a cambiar de régimen cambiario. Abro hilo.
El régimen cambiario es la forma en que el gobierno de un país maneja la política económica sobre su moneda, con respecto a las divisas extranjeras y la forma como se regulan las instituciones del mercado de divisas. Este influye en el tipo de cambio y en sus fluctuaciones.
El régimen cambiario lo eligen las naciones para promover la estabilidad macroeconómica, el crecimiento o la inflación, pero no se puede lograr todo a la vez.
Read 16 tweets
Translating El Salvador's proposed #LeyBitcoin #BitcoinLaw.

A #Bitcoin Law 🧵 👇👇
Legislative Assembly of the Republic of El Salvador
1. Conforming to article 102 of the Constitution of the Republic, The State is responsible for protecting private enterprise (private sector), generate necessary conditions to grow the national wealth at the...
benefit of greatest number of habitants.

2. That under the Legislative Decree 201, published in the official Diary # 241, volume 349 dated 22 Dec, 2000, adopted the US dollar as the legal tender.

Read 22 tweets

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