📰El Salvador Bitcoin Saga📰
On June 5th, the final day of the event, Strike founder Jack Mallers was presenting the incredible adoption his app has seen in El Salvador since launching there in March this year After seeing how popular Strike was in El Salvador, president Nayib Bukele asked Jack if he would be on board with helping him draft a bill to make BTC legal tender in the country Jack accepted, and this bill was revealed in a pre-recorded video clip at the end of Jack’s presentation. In addition to legal tender, includes a series of crypto friendly laws, including zero capital gains on BTC
⚖Hurdles To El Salvador’s BTC Adoption⚖
For starters, it seems that El Salvador’s prime minister has his fair share of controversies. According to Coindesk, Nayib has a history of authoritarian tendencies An opposing political party in El Salvador has also filed a lawsuit against the current administration which argues that the Bitcoin bill is unconstitutional
👨💻Paraguay’s Crypto Adoption👨💻
A congressman in Paraguay is currently working towards passing a bill that aims to attract crypto companies of all kinds The bill will be tabled next month, and if successful, the same congressman will be pushing a bill to make BTC legal tender in Paraguay as well.
💰Panama’s Crypto Adoption💰
Meanwhile in Panama, another congressman hopes to add to the crypto competition between countries with a bill that will be presented to Panamanian lawmakers While the exact details of the Panama’s Bitcoin bill is not yet known, it will attempt to bundle similar perks being offered by Paraguay along with a legal tender designation for BTC
🌮Mexico’s Potential Crypto Adoption🌮
Multiple lawmakers in Mexico are also hoping to get their country in the Latin American crypto space race They are facing a fair share of hurdles given that the Mexican drug cartel have actively been using cryptocurrency to launder
🌎Why Latin America?🌎
The one thing that El Salvador, Panama, Paraguay, and many other Latin American countries have in common is that they all rely heavily on the US dollar, even those which have their own national currencies. Moving to Bitcoin allows them to free themselves from US influence
📊Market Effects Of BTC Adoption by Governments📊
The most significant impact the government adoption of cryptocurrency will have relates not to price, but to regulation and policy which exists upstream from price action As we’re seeing now, the initial knee jerk reaction by foreign dollar driven interests and three letter financial organizations will be to sanction any countries that adopt Bitcoin as legal tender Rather than dissuade countries from continuing their crypto adoption, I predict that it will accelerate the process. Mass adoption will eliminate Bitcoin’s volatility and change the way we measure its value
📜 Disclaimer 📜
The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses considerable risk of loss. The speaker does not guarantee any particular outcome.