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Bitcoin's Narrative Changed Completly

Why El Salvador recognizing Bitcoin as legal tender is a game changer

Fabian Klauder

Jun 11, 2021

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!

Nayib Bukele 🇸🇻 @nayibbukele

I’ve just sent the #BitcoinLaw to Congress 🇸🇻

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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Kusama Parachain Auctions

DEFI TIMES @defitimes

BREAKING: Over $100 million raised in first @kusamanetwork Parachain auctions! Read here! 👇 defitimes.io/news/over-100m…

defitimes.ioOver 100M USD Raised in Kusama Parachain Auctions - DEFI TIMESKusama has raised over 100M USD Raised in their first Parachain Auctions.

Kusama has raised over $100 million worth of KSM in their first parachain auctions!

MicroStrategy Bought BTC Again

DEFI TIMES @defitimes

.@michael_saylor bought the dip - ONCE AGAIN! Before sell now... think about what billionaires are doing! 🚀 defitimes.io/bitcoin/michae…

defitimes.ioMichael Saylor & MicroStrategy Bought The Dip - Again! - DEFI TIMESMicrostrategy and Michael Saylor bought the bitcoin dip - for $400 million! The company wants to protect its assets from inflation.

MicroStrategy purchased an additional $400 million worth of bitcoin. They bought the dip - once again!

Curve 2 live

Curve Finance @CurveFinance

Our algorithm for exchanging volatile assets is up! On Ethereum: curve.fi/tricrypto On @0xPolygon: polygon.curve.fi/atricrypto

Curve 2 is now live, which auto-concentrates liquidity with dynamic price fees using internal oracles.

WEF on DeFi?

Bloqport @Bloqport

The World Economic Forum has published a new white paper on DeFi wef.ch/defitoolkit

The World Economic Forum has published a whitepaper on DeFi. The world is learning about it!

OKCoin enabled Polygon withdrawals

Polygon (previously Matic) @0xPolygon

🔥 @Okcoin has integrated Polygon PoS mainnet for withdrawals to reduce gas fees for users! 🪙 Users can withdraw 11 assets including $ETH $USDT $USDC $DAI, directly to Polygon to take part in the vibrant DeFi ecosystem. bit.ly/SaveETHwithOkc…

OKCoin has enabled withdrawals to the Polygon PoS chain. This further reduces gas fees as users won’t have to use Ethereum in order to transactions on Polygon.

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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.

Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.