Bitcoin Legal Tender In El Salvador - The First Few Hours

in LeoFinance14 days ago

At the time of writing this, Bitcoin is officially legal tender in El Salvador. The official wallet, Chivo, is not yet available in any of the app stores, though, it should have been available Apple, Google and Huawei platforms.

Ahead of the event, El Salvador bought 400 Bitcoin, publicly, in two installments.

Screen Shot 20210907 at 8.38.54 AM.png

The total amount, in USD, should be around $20.5 millions, which is just a percentage of what El Salvador needs to airdrop. I expect they will buy more in the coming days. Or, they may already have some more in the treasury, we can't know that, there is no law forcing a country to declare its Bitcoin holdings. That might be just the beginning of something like this. I know for sure there are countries holding BTC in various state institutions, but all of it it's from confiscations. As far as I know, El Salvador is the first country to hold it in its balances, publicly.

As of now, it seems there's a lot of enthusiasm, specifically from prominent crypto players. Binance didn't take long to congratulate Nayib Bukele, El Salvador President for this move.

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Price rose slightly, Bitcoin is changing hands at around $52,287, a little under $1,000 since yesterday.

The only concern now is the bureaucratic process, including the release of the Chivo wallet by the app stores.

Ironically, in order to use such a great technology like Bitcoin, you need to rely on an entire supply chain. So far, the weaker link seems to be another piece of tech, namely centralized app stores.

As the story develops, I will try to come up with the most important parts of it.

We live in incredible times!

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I suspect a fair few people will just sell what they are given for a quick profit. I think governments should accept that crypto is a thing and hard to ban. They can adapt to handle it. Still doesn't mean people will have their assets protected as with banks.

Now, if they gave away !PIZZA ...

You said it, Steve! You're absolutely right! Other governments should follow the example set by that of El Salvador, making Bitcoin a legal tender in more countries worldwide. There is nothing they can do fortunately at the moment to ban it, regardless of some scare-off statements here and there...

@dragosroua! I sent you a slice of $PIZZA on behalf of @steevc.

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Panama is following suit.

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Soon enough all of Central America, who knows, heh? :D

Am quite satisfied with the market reaction. Let's see how it settles in with the population.

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This is absolutely astonishing indeed! Almost unimaginable that a country like El Salvador in Central America could make Bitcoin legal in it! I bet it is a great country to visit for its wonderful and lush nature! :)

Still unsafe by Western standards, and quite poor, but definitely a great country.

Yes, I was well aware of this for a very long time, but wonderful nature nevertheless! Safer than Panama I would say though, and I strongly think I am not far from reality/truth. Anyway, an underrated Central American gem, if I can say so. :)

If Apple and Google turn out to be problems (they decide they're not going to carry this app because gatekeeping reasons) won't take long for there to suddenly be more players in that area they think they have an unbreakable stranglehold on :)

A good time for crypto world is starting from here with new edge by btc legal tender of El Salvador, price of btc will be up fee more days and how it hold up is now a fact.

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What will happen when price drop? I feel like they are gambling with people's money!


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