Why Bitcoin Declared Legal Tender Could Have Major Implications Beyond El Salvador

Why Bitcoin Declared Legal Tender Could Have Major Implications Beyond El Salvador


The adoption of the Bitcoin Standard by nation-states has begun. El Salvador will become the first country to declared BTC a legal tender. The announcement was made recently; the crypto space and its industry are still processing its impact.

Although a relatively small country, El Salvador could trigger a similar effect as when MicroStrategy included BTC into its treasury. At that moment, a domino effect caused one of BTC’s biggest adoption periods by public companies.

As Nayib Bukele, El Salvador’s Head of State said via his Twitter handle, Bitcoin has a $680 billion market cap. If 1% of this number it’s invested in this country, according to Bukele’s calculations, their GDP could grow by 25%.

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After a violent civil war, El Salvador adopted the dollar as their official currency. Many went into exile or migrated to other countries with better economies. This had two consequences for the country: it relies on the U.S. dollar stability, with concerns about rising

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