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RE: El Salvador to make BTC legal tender - Huge international implications for BTC taxation and accounting

in #bitcoin3 years ago

It's easy for the establishment to dismiss this as some kind of populist move
But consider that he's also made adequate moves to insure against a ban on the currency by neersayers who claim blockchain is not ecological by using volcanic natural resources to generate electricity. That suggests a leader who is a deeper and more strategic thinker than the label populist suggests. Adopting bitcoin as national currency is a briliant move with limited downside. The West will be forced at some point to adopt it and he's getting his country in at a lower price and the wealth will dissipate to all socioeconomic levels, as long as they have a crypto wallet.
. This will also naturally generate more consumer friendly bitcoin interfaces. It's a brilliant political economic move. Thank-you @apshamilton for this great post and illuminating us with this important news.

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I was on the Twitter Spaces call when someone asked Pres. Bukele about mining and he said he hadn't thought about it but then mentioned in passing the geothermal electricity El Salvador has that was difficult and expensive to get to the cities.

I felt that his comment about not having thought about mining was genuine, so it could just be the serendipitous synergies that happen when you put your country in the position to attract the brilliance of the crypto community.

Right. Now reading more on him. Am ignorant as to whether he as a leader is deep or strategic. But nonetheless a very significant move for crypto as you convincingly explain. History is replete with consequences of wider impact than anticipated by the original instigator.