President Nayib Bukele has linked El Salvador's growing economy with making Bitcoin legal tender in 2021
A Smart Move is a Smart Move. Bitcoin put El Salvador on the map.
On the 7th of September 2021, President Nayib Bukele and El Salvador made history, as El Salvador became the first country in the world to adopt Bitcoin as legal tender alongside the united states dollar, the Latin American country put itself on the map, and on everyone's radar with the big bold step of adopting Bitcoin as Legal tender and that also put a huge target on their backs from all the Bitcoin haters out there including the international monetary fund (IMF), who has threatened them several times to go back on their word of adoption of Bitcoin as Legal tender but that threat always blew up in their faces as President Nayib Bukele never gave in to their threats rather his country's success which he owes to Bitcoin is a huge and bold enough statement to the IMF and the World at large.
It is great to see that El Salvador is doing well despite the bear market season. And in addition to that, it is no news that a lot of people wished that the country's economy was going to crash and also that El Salvador was going to default on the debt which they have paid off in full and paid the interest on top of it as well, the bad wishes people had for them because of the bet they took on Bitcoin had a reverse effect and positive outcome for the country, A Smart Move is a Smart Move whether people like it or not and President Nayib Bukele bet on Bitcoin was a smart move.
The citizens of El Salvador who had a huge protest on their independence day in 2021 which was on the 15th of September against the Bitcoin adoption as a legal tender decision made by their President are now enjoying the benefits from the Bitcoin risk Nayib Bukele took. Now that Bitcoin is rooted in El Salvador, they have every opportunity to benefit from it with minimal downside. Adding dynamic Bitcoin as a supplement to the fading fiat system is a logical move and smart move as I have said earlier.
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President Nayib bukele is a very smart man. Not every president have that kind of foresight. Now his country are benefiting from bitcoin massively.
You are right on that, and he has made history, I believe that more countries would follow suit.
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It was thought that it was impossible by many yet they've done it and succeeded so far. El Salvador will serve as a good case study for other countries that a thinking about adopting Bitcoin as legal tender.
Yes buddy they are the perfect case study for the world.
Well, I think one has to admit that Bitcoin is the reason... outside of the integration of BTC as legal tender, the country has not done much differently. Also considering that they had to overcome the FUD that was hurled against them, causing even more resistance to growth...
The country has done well and will keep improving.