With the historic adoption of the Bitcoin bill in El Salvador, the road was officially paved for the massive adoption of cryptocurrencies. The long wait for Bitcoin to be used as a fully functioning medium of exchange has seemed difficult up to this point. However, when El Salvador officially became part of the Bitcoin community, the past speculation, mistrust and negative connotations associated with the first cryptocurrency can finally be eliminated.
The legalization of Bitcoin in El Salvador is a historic milestone in the development and adoption of cryptocurrencies. Now that the real country has accepted bitcoin as it should have been used, this will ultimately lead to a better understanding of the technology as well as allay fears of massive speculation. The myth that Bitcoin is a scam, has no utility, or is only intended for criminal activity has now been debunked. El Salvador President Nayib Bukele even raised the issue during a Twitter Spaces teleconference yesterday.
So what does this mean for the cryptocurrency market going forward?
The desire to accept Bitcoin, especially in Latin and South America, could be the first steps towards a snowball effect worldwide. The longer countries choose to wait, the less they will be able to benefit from being the first to introduce this technology. El Salvador is placing itself on top of the next great technological revolution – one that could completely destroy the entire financial system.
Countries that made the decision earlier will benefit the most. The earlier you make a purchase, the cheaper you can accumulate and use bitcoins for your citizens and, possibly, in the future as a source of income for the country. El Salvador has taken it one step further and announced that it will grant citizenship to anyone who invests 3 BTC in the country. This will bring blockchain experts, bitcoiners and innovative entrepreneurs from major countries to El Salvador – a genius move that could forever affect the country’s future economic prospects.
Other countries are already starting to pay attention to this. As soon as the domino bones begin to fall, you will have to be in time to be the first to hit the door. No one wants to be last when the potential benefits of early entry are so significant. It’s also important to note that this will have huge benefits for Bitcoin alternatives like Ethereum, green blockchains like Algorand, and even decentralized finance (DeFi) in general. As Bitcoin grows in popularity and acceptance, it will pave the way for everyone else.
Thanks to some amazing people in the Bitcoin community and the really general enthusiasm and support of the community as a whole, the hardest step is now behind us – getting the First Nation to embrace what bitcoiners have preached for years.
So, if you are reading this post – you are a participant in an amazing historical financial revolution that is happening simply by supporting, owning, reading, sending and using cryptocurrencies. Congratulations! There are still 194 countries left.