Subj : Re: El Salvador + Bitcoin
To   : gcubebuddy
From : paulie420
Date : Sun Sep 05 2021 13:38:52

 gc> Something that happened this year, around about may / june, El Salvador
 gc> became the first country to recognise Bitcoin as a legit government
 gc> currency. the vested in while bitcoin was at $30,000. apparnetly their
 gc> government bought up a few hundred mill of bitcoin. now bitcoin has
 gc> risen to about $50,000 per coin. so their government just made mint on
 gc> bitcoin. i wonder how that is effecting their economy right now. it will
 gc> be interesting to see as the crypto market begins to recover again after
 gc> the crash, to see how they do. all countries are watching El Salvador as
 gc> a test case on adopting Bitcoin as a currency. I think though that this
 gc> migration to bitcoin has been planned, due to the pandemic crushing the
 gc> dollar. We are going to see a "Currency Reboot" once the pandemic ends.
 gc> i have also noticed that in gas stations and grocery stores, here in
 gc> Oklahoma City, there are now Bitcoin / Etherium ATM machines showing up
 gc> everywhere. This tells me that this is a planned migration to restablize
 gc> our economy after the pandemic.
 gc> 

I've been watching the El Salvador Bitcoin news, and I believe on 9/7/21 they fully switch over to accepting Bitcoin as their national currently. All companies and vendors must accept Bitcoin, and you can pay all bills and - its their national currency.

Sure, they may have got lucky in the beginning, but I think the real experiment is how their nation goes thru the fluctuation in the FUTURE. If BTC is going to remain their national currency, the real proof is in how do they manage fluctuation that they can't control.

And it still doesn't solve their problems they had while using USD as their national currency. They can't mint new coin, they don't control rates. So, it will be really interesting to see how this works out for El Salvador. Very neat stuff... I don't know that I'd be a fan of the decision, but their population is going to be along for the ride.

Crazy times.



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