Bitcoin well anchored in El Salvador – Despite all the threats and injunctions to give up, the Salvador and Bitcoin made the banks bend September 7, 2021. On that day, the Ley Bitcoin made the king of cryptos a legal tender currency in the country, alongside the US dollar (which the small Central American nation was forced to use as its national currency). A year later, and even though Bitcoin critics want to scream failure, the cryptocurrency is still thereand well in place.
“The Bitcoin bet is lost”, “it’s a failure”: ah good?
On this day of first birthday where a pioneer country has adopted bitcoin as a national currency, the defenders of traditional finance go wild against El Salvador and its president, Nayib Bukele. Not a major media headline talks about anything other than “of failure”or other synonym, to talk about the “bet” of the Central American country on Bitcoin.
For example, Bloomberg, which quotes us the words of a former president of the central bank of El Salvador, Carlos Acevedo (from 2009 to 2013). Without specifying, of course, that this one showed hostile to Bitcoin, as soon as the President’s speech Bukele announcing the adoption of bitcoin, in June 2021! An early opponent will therefore have a very objective (we can be ironic at the JdC):
“No one really talks about bitcoin here anymore. It was kind of forgotten. (…) I don’t know if you can call it a failure, but it certainly wasn’t a success. »
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Little by little, the BTC is making its nest (in El Salvador and elsewhere)
Yet Bitcoin is always present one year later. And it seems, among other things, to have contributed to a strong recovery in tourism in El Salvador – which is among only 15 countries to do better than before Covid restrictions.
And, Bitcoin is so “forgotten” (ah irony, when you hold us) that again on September 4, 2022 an official press release from the Ministry of Finance El Salvador encourages taxpayers to pay their tax debts… including in BTC!
“Take advantage of the tax amnesty and pay your outstanding debts without fines, surcharges and interest. You can pay with cash, check, bitcoin or any credit or debit card. »
The reign of major innovations does not happen in 1 day or in 1 year
Let’s leave the final word to Paolo ArdoinoChief Technology Officer (CTO) of Bitfinexwhich is to help El Salvador issue its government bonds based on Bitcoin – the famous Volcano Bonds. Indeed, and in summary, the latter reminds us that the advances of Humanity have sometimes needed several years – and of brave pioneers – before becoming obvious.
“Imagine that in 1904, Ford cars were designated as a bankrupt industry, because less than 1% of the population then owned a car (first Ford car produced in 1903). There are those who are brave and have a vision. And others live to criticize. El Salvador is brave. »
the violent bear market on cryptos, initiated by the stablecoin disaster UST of Terra (LUNA) and its consequences, forced El Salvador to pause his wish to issue for $1 Billion Volcano Bonds. But to chagrin supranational financial organizations, such as the IMF or the BISEl Salvador still intends to do without their conditioned and vassalizing loanthanks to Bitcoin.
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