I believe that the future of Bitcoin will be written in El Salvador. That is why we have dedicated a 4-parter to Bitcoin in El Salvador in the past. If Bitcoin is a success for El Salvador’s people, many other countries will follow their lead.
The stakes are now very high with Bitcoin becoming a not insignificant player in global geopolitics.
If Bitcoin becomes even one of many global reserve currencies, it will be a disruptive threat to the “powers that be” in America, Europe and China.
So we can expect a lot of Bitcoin-is-dead narratives, but that is old news to those who have been in this space a while as we can paper our walls with Bitcoin epitaphs.
One of the first hurdles for El Salvador is their Bitcoin Bond, getting lots of negative press at launch time, with doubts cast due to timing of the launch during the dark days of the war in Ukraine.
The government of El Salvador has reportedly decided to postpone the issue of a Bitcoin- (BTC)-backed “Volcano Bond”.
The BTC price went up during the same days indicating that in this market cycle what happens in El Salvador is not driving the price. I suspect it will be different in the next market cycle – watch this space.
Headline in February 2022: El Salvador’s Tourism Sector Grows By Over 30% — Thanks To Its Great Bitcoin Experiment
Oh and…GDP grew by 10.3% in 2021
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