The Domino Effect

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It just takes one to bring down the entire lot and this is what El Salvador has started.

We all saw how El Salvador launched Bitcoin as a currency in their country the other day but the ramifications for the IMF are starting to show how big a problem they now have. The Ukraine passed a law in parliament today
also recognising crypto.

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Basically it protects investors from fraud where as before it couldn't really get involved as the law didn't really define them.

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We can thank the IMF for the dip as I managed to pick up some decent bargains.

This is how important the El Salvador launch was for the crypto world as this is just another major step today creating a domino effect. This is the IMF's worst nightmare coming to reality. We all saw what the IMF tried to do by crashing Bitcoin the other day hoping for loads of negativity. The opposite happened and people actually thanked the IMF for the dip to buy more.

Already there is discussions in Central America as to who goes next as this is the effect when one country implements something new. Every neighboring country of El Salvador has to get involved as it is beneficial to them for trading purposes. Bitcoin as a legal currency means that if importers/exporters request to transact in Bitcoin then they have to comply.

The funny thing is the IMF has to also accept debt payments in Bitcoin from El Salvador if they choose this method of payment. I would just to mess with them and I expect they will as well. The IMF states that any countries currency along with precious metals is accepted as payment. The IMF will have to hold Bitcoin or crypto which they most likely are anyway without saying anything. The manipulation of the price the other day was comical and shows how desperate they really are. Banks are seriously screwed and one example is of Western Union forecast to lose over $400 million in transaction fees alone each year.

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banks and such like who provide these transfer services normally average around an 8% service fee. With Bitcoin and the lightning network that is seriously reduced and becomes almost nothing in comparison. The El Salvador Governemnt doesn't expect everyone to send via this route immediately and only half will be expected to use it immediately.

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El Salvador has over 3 million of its population working outside it's borders usually sending US Dollars via Western Union which cost as a service when you send and when you receive. With everyone having Bitcoin wallets now there is no need for this service as they can just send crypto directly to the persons wallet address. This is what crypto was designed for and why it is so perfect for mass adoption. This is one part of the banking system that is a dinosaur and will vanish within a few years. The savings expected are in the region of $200 million per year so half the fees saved at least in hard earned money.

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All part of an orchestrated plan for the launch to try and fail.

News about El Salvador not having a great Bitcoin launch was through their ATM's not functioning and whose fault was that? The banks run that service and clearly wanted glitches as they don't want this at all. The writing is on the wall and no matter what obstacles are thrown at crypto the institutions are in serious trouble and they know it.

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