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El Salvador recognising #Bitcoin as legal tender is an important milestone.
Here are my personal thoughts on some the potential (including unintended) consequences of this news. Time for a thread!
#BitcoinMiami #BitcoinMiami2021 #cryptocurrencies
Here are my personal thoughts on some the potential (including unintended) consequences of this news. Time for a thread!
#BitcoinMiami #BitcoinMiami2021 #cryptocurrencies
Background
Lets not forget that El Salvador has 6.4m ppl with 70% unbanked, 20% living in extreme poverty and 16% of GDP consisting of remittances, mainly the US.
Also, the country uses the U.S. Dollar as its legal currency since 2001 and ⅔ of exports go the US.
Lets not forget that El Salvador has 6.4m ppl with 70% unbanked, 20% living in extreme poverty and 16% of GDP consisting of remittances, mainly the US.
Also, the country uses the U.S. Dollar as its legal currency since 2001 and ⅔ of exports go the US.
Some positives:
1- Bitcoin as a legal tender - this is a world first. Japan came close in 2017 when it recognized it as a means of payment but still treats it as an asset and not as legal tender which has a specific legal definition.
1- Bitcoin as a legal tender - this is a world first. Japan came close in 2017 when it recognized it as a means of payment but still treats it as an asset and not as legal tender which has a specific legal definition.
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Today we have the Smith and Wesson M&P Shield Compact Pistol. Chambered in 40 S&W with a 3.125" barrel, 3 Dot Sights, No Manual Safety and 2 mags. A great conceal carry option with excellent reliability #MAGA #Trump2020 #KAG #2A wraithcustomsfirearms.com/handguns/semi-…
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