A Bitcoin Milestone
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El Salvador Embraces Bitcoin 🇸🇻
What is Legal Tender?
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Bitcoin is Legal
So much Bitcoin news happened this week, you may have missed some of it. The president of El Salvador, Nayib Bukele, announced at the Bitcoin 2021 Conference in Miami that he would be presenting a bill to make Bitcoin Legal Tender in his country.
To the surprise of many, the bill was passed into law early Wednesday morning by supermajority vote, making El Salvador the first country in the world to make Bitcoin legal tender. Incredibly during the voting process, an impromptu Twitter Spaces session hosted by Nic Carter quickly grew to more than 23,000 listeners with President Bukele randomly joining and giving a candid Q+A about the bill and countries ambitions moving forward.
In addition to the President, notable listeners were Jack Dorsey and Mark Cuban. A live play-by-play of the voting occurred in real time with the assist of the President and his brother Karim Bukele. You can listen to the historic audio recording here.
Adding to this stunning milestone, the very next day, Bukele instructed the state-owned geothermal electric firm, LaGeo, to develop plans to mine Bitcoin using volcanic geothermal energy. 🤯 This completely renewable and sustainable energy source quickly combats the narrative that mining Bitcoin is wasteful and harmful to the environment. What’s better than parabolic? Volcanic.
El Salvador plans to use electricity generated from volcanoes to mine Bitcoin -NPR
As if that isn’t enough, Bukele announced how to gain permanent residence.
Embracing Bitcoin as a nation’s Legal Tender is a bold move on the global stage, and it’s only the beginning. If you are interested in learning more, you can watch the closing presentation from Bitcoin 2021 Miami where it was initially announced by Strike CEO Jack Mallers.
Based on this past week, we find it hard to not be bullish long-term. Yes, recent overall cryptocurrency market price action has been sharply negative, but take a step back. We are truly in the very early stages of a massive financial shift taking place. How exciting it is to bear witness to these moments in real time. The changes don’t often happen overnight, unless you find yourself listening live on a Tuesday night Twitter Spaces.
What is Legal Tender?
Legal tender is anything recognized by law as a means to settle a public or private debt or meet a financial obligation, including tax payments, contracts, and legal fines or damages. The national currency is legal tender in practically every country.
El Salvador to Become World's First Country to Make Bitcoin Legal Tender - Investopedia
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