Does El Salvador Really Benefit Bitcoin?

Yesterday was a truly historic moment for both El Salvador and Bitcoin. A sovereign nation has adopted bitcoin as legal tender and recognized it as a money not treated or taxed as a capital asset. The entire path from the announcement in Miami to here has been somewhat haphazard, unclear at times, and met with a difficult to measure but undeniable push back from some of the people of El Salvador. But that was obviously going to be the case from the start. Bitcoin has never been put in a situation of this magnitude in its entire lifetime, and it’s still growing and evolving.

When the Chivo Wallet app went live in app stores, every citizen of El Salvador was able to claim a free $30 of BTC that they could use to buy things under the new law. This was the largest airdrop of bitcoin ever done. Every citizen has the option to spend or HODL those sats; every business has the choice to try and incentivize people to spend their bitcoin by offering discounts or deals. This could be a massive opportunity for savvy individuals and businesses to plan for the future by building a stockpile of BTC and reinvest in themselves and their businesses as bitcoin appreciates in price over time.

Source link Bitcoin Magazine

Be the first to comment

Leave a Reply

Your email address will not be published.