Bitcoin's Narrative Changed Completly
Why El Salvador recognizing Bitcoin as legal tender is a game changer
Hey DEFI TIMES community,
Yesterday, it became official: El Salvador recognizes Bitcoin as legal tender. This is a groundbreaking moment for the Bitcoin community because it marks the beginning of a new era: Countries adopting Bitcoin!
As of today, we have only seen Bitcoin adoption in terms of “store of value.” However, yesterday, Bitcoin became an official currency in El Salvador. That means that any merchant must accept bitcoin by force.
This situation heavily reminds one of the moment the first companies put Bitcoin on their balance sheet. El Salvador adopting Bitcoin could be the “MicroStrategy moment” for countries. When MicroStrategy bought Bitcoin for the first time, nothing really happened. However, as more and more companies did so, we saw a massive explosion in price and adoption.
This is exactly what could happen with countries too. Today, a very small country takes the risk first. But as more and more (and even bigger) countries recognize Bitcoin as legal tender, we could see a similar network effect.
Few countries want to be first… but nobody… wants to be the last one!
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DISCLAIMER: All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.
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