El Salvador Targets Economic Growth with Bitcoin Adoption

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, the world’s most valuable cryptocurrency, received support from Nayib Bukele, President of El Salvador, recently after he announced plans to make Bitcoin legal tender in the Central American country.

In an official announcement on Saturday, the 39-year-old President highlighted the importance of Bitcoin for El Salvador’s economic growth. Bukele mentioned that he is planning to send a bill to Congress next week in an effort to adopt BTC as legal tender.

“Bitcoin has a market cap of $680 billion. If 1% of it is invested in El Salvador, that would increase our GDP by 25%. On the other side, Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances. Besides, a big chunk of those 6 billion dollars is lost to intermediaries. By using BTC, the amount received by more than a million low-income families will increase by the equivalent of billions of dollars every year. This will improve lives and the future of millions,” Bukele mentioned on Twitter.

The latest announcement by El Salvador’s President came a few days after Miami Mayor Francos Suarez revealed his Bitcoin and Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term holdings.

Adoption of Bitcoin

Since the start of 2021, the adoption of Bitcoin has increased rapidly. Leading organizations around the world started accepting Bitcoin as a payment method and added BTC to their balance sheets. Chinese technology firm, Meitu recently announced that the company is holding more than $100 million worth of cryptocurrency assets including BTC and Ethereum. MicroStrategy, a leading business intelligence firm, now has more than 92,000 BTC. Despite the corporate adoption, analysts raised concerns over the legal status of Bitcoin in the past. However, the latest announcement by El Salvador shows that countries have now started considering the adoption of BTC as a legal form of money. The world’s largest cryptocurrency is currently trading above $36,000 with a market cap of more than $682 billion.