When El Salvador announced they were wanting to make Bitcoin legal tender and break the chains of using the US dollar during that 3 month bear period, I couldn’t help but think if Bitcoin was to crash lower their people and country could be losing a ton of money and their young president would be the only one to blame.
El Salvador isn’t exactly a wealthy country and this move, if went the other way, could have been horrible for its people who don’t have a hell of a lot to begin with, with the possibility of pushing the whole country down into poverty with everyone losing a ton of money. But as my title suggests history favours the bold, and by god it was a bold move to switch to Bitcoin.
The size of their presidents balls making a speculative digital currency legal tender and being the first in the world, without any mass scale testing, to do so quite frankly shocked me to make such a big call with what could have been at stake and what could have been if markets crashed.
However, As we’ve had such a drastic pull up in the markets and now looking at new all time highs for BTC, the opposite has happened and this gamble has hugely paid off and I hope for their sake it continues! Think about all those small coffee shops and other retailers we saw in El Salvador accepting Bitcoin during the bear cycle, they will be seeing huge profit gains now. Their profits from the last 3 months would have doubled and these small family run places will be starting to get somewhere with their new found wealth - and we, the small community of crypto, are all to thank. And we all win from this.
I hope El Salvador becomes very prosperous, they deserve it after all for making such a huge leap of faith into the unknown. It’ll probably go down as the biggest event in their modern history bring them into a first world nation. And I hope other countries beaten down financially see this and break the chains of fiat and follow suit.
I know BTC won’t fix world poverty, but it will fix one world currency - and this definitely can help towards fixing poverty. This is why smaller countries need to see what El Salvador has done, what it means, and follow. It means that someone in a 3rd world country can work and earn a currency that has the same value in a first world country, and the ability to save up and break out becomes that much more achievable. I doubt we will see a world wide minimum wage from it, but it’s a step closer to financial freedom for the down trodden who are going to benefit most from it.
Everyone deserves an equal playing field, and I think BTC offers this far more than most people realise
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