El Salvador: One Small Step For Bitcoin By Aaron Van Wirdum El Salvador: One small step for Bitcoin, one giant step for mankind. The small Central American country managed to be the first one, and surely not the last one, to recognize the benefits of using a decentralized and scarce monetary system and made Bitcoin legal tender. But the tale of Bitcoin and El Salvador is not that simple — it is full of ups and downs and has many lessons that can give us insight into how hyperbitcoinization could happen.
From a presentation made by Jack Mallers at Bitcoin 2021 where, in short a recording Nayib Bukele, El Salvador’s president, announced that he will propose a bill to make bitcoin legal tender in El Salvador, to today, the author of this article discusses the history of El Salvador and Bitcoin. He writes about the pushback, the growth, the potential and more. |