It’s Bitcoin day for El Salvador
It’s a historical day for El Salvador and the whole crypto community.
Bitcoin is officially recognized as a legal tender alongside dollar, allowing Savadorans to:
- save over $400M in yearly fees paid to fiat money-transferring services ( 23% of its GDP is made of remittances)
- have an alternativen store of value to hedge from the dollar inflation (available to everyone)
- develop a high-added-value crypto industry (no capital gains on crypto exchanges is a great perk)
The country itself will also profit. President Nayib Bukele announced that the country has just bought 400 BTC, showing the world a creative way out of the dollar-reserve trap that the Bretton-Woods agreement and then Nixon put all of us into.
EL Salvador still has a long way to go to fully enjoy the Bitcoin potential, and much must be done notably in crypto education sphere, but the course is set.
Bravo Mr President for being able to privilege the future.
