El Salvador's president unveils a bill to adopt bitcoin as legal tender, partnering with payments startup Strike, in a bid to become the first nation to do so
Here's What That Means Michael McSweeney / The Block : El Salvador's president announces legislative proposal to declare bitcoin legal tender Chris Williams / Crypto Briefing : El Salvador Plans to Make Bitcoin Legal Tender Associated Press : El Salvador President Nayib Bukele wants Bitcoin as legal tender San Lee / Bitcoinist.com : El Salvador Set to Accept Bitcoin as Legal Tender Tweets: @caitlinlong_ : 1/ THREAD ABOUT A HISTORIC DAY in #bitcoin: #ElSalvador president publicly announced support for legislation to make #BTC legal tender. *IF* it does become law, it wld have many secondary effects. Steel yourselves bc a big fight on this probably coming tho https://www.businesswire.com/ ... @crislopezg : this dude is the worst bro on your timeline except in real life and with power 😭🇸🇻 https://www.cnbc.com/... Ajit Pai / @ajitpai : A milestone in the history of digital federalism as President @nayibbukele proposes to make El Salvador the world's first sovereign nation to adopt #bitcoin as legal tender. 🇸🇻 @KenzieSigalos @CNBC: https://www.cnbc.com/... https://twitter.com/... @caitlinlong_ : 3/ OK let's dig in. Here's a tl;dr: *IF* #ElSalvador adopts legislation to make #bitcoin legal tender, bitcoin: * likely gets status as “money” so treated on par w/ foreign currency by banks * possibly gets “cash” accounting treatment under USGAAP/IFRS (solves #BTC adverse acctg) Avik Roy / @avik : Here is a press release from @JackMallers, an early Bitcoin pioneer who helped engineer the El Salvador legislation. https://www.businesswire.com/...'s- First-Country-to-Adopt-Bitcoin-as-Legal - Tender Avik Roy / @avik : In other words, El Salvador isn't making #bitcoin legal tender in an attempt to be trendy. This is an attempt to protect Salvadorans from inflationary U.S. policy. A number of other countries could follow SLV's lead. Caribbean nations would be of particular importance. Michael / @profplum99 : “Mallers framed Bukele's announcement as pushing back against “unprecedented monetary expansion.” He placed particular blame on the Fed Reserve for “crushing emerging markets” such as El Salvador's dollarized economy by printing greenbacks ad-nauseum.”🙄 https://www.coindesk.com/... @xoayquanh : I just don't think the problem in El Salvador is that an authoritarian state is keeping people from their money. It's that a semi-legal drug gang parastate is seeking to legitimize itself and launder their cash that, if it were kept as USD, would be tracked and traced https://twitter.com/... @balajis : “Central banks are increasingly taking actions that may cause harm to the economic stability of El Salvador.” Small countries can now finally insulate themselves from the effects of dissolute monetary policy. Go Bitcoin to get to higher ground. @notsofast : Lest I further blow up Alex's mentions... I've previously clearly outlined the corpoState coopt-and-control supply+narrative attack on Bitcoin that is a realistic vector for increasing, not reducing, the control that govs have over their citizenry. https://twitter.com/... @jason : Breaking: a country of 6m that doesn't rank in the top 100 economies says they might embrace #bitcoin Bitcoin community: LFG!!!!!! https://twitter.com/... https://twitter.com/... @notsofast : you just KNOW a certain class of self-identified Bitcoin Plebs are not gonna heed this advice lel https://twitter.com/... Adam Cochran / @adamscochran : El Salvador is a 70% cash country because it lacks the infrastructure and access to financial systems for people to use debit or credit. But, it's going to find a way for people to use Bitcoin everywhere? This is cool news for legitimacy, but not in terms of volume. https://twitter.com/... @frances_coppola : hilarious. If El Presidente discovers that Bitcoin reduces his control over the population, he'll reverse the legal tender decision at lightning speed (pun intended). https://twitter.com/... Javier Zamora / @jzsalvipoet : In other news, my country is now a futuristic fucked-up novel ... #bitcoin https://twitter.com/... Alex Gladstein / @gladstein : Important to note: do not celebrate the leader of El Salvador, who has displayed authoritarian behavior. Celebrate the action, which will, over time, reduce the control that his or any following government has over the citizenry. https://twitter.com/... @pentosh1 : What a great read and step for #Bitcoin Hopefully this opens the door to neighboring countries. Pretty historic event https://twitter.com/... Will / @politicaldmv : Literally gentrifying, destroying, and displacing communities by getting rich off ES resources. ES is facing serious social economic problems that has to be dealt first. Bukele is selling a false illusion of prosperity. The last thing ES need is a tourist dependent economy. https://twitter.com/... Franco Amati / @franamati : I was hopeful with Bukele on its first days, not anymore. So let's be cautious with this, it could be another Musk style behavior. Credit to @JackMallers for its work nonetheless. https://twitter.com/... Alistair Milne / @alistairmilne : Say what you like, but this is a long way from the ‘Magic Internet Money’ days https://twitter.com/...
1/ THREAD ABOUT A HISTORIC DAY in #bitcoin: #ElSalvador president publicly announced support for legislation to make #BTC legal tender. *IF* it does become law, it wld have many secondary effects. Steel yourselves bc a big fight on this probably coming tho https://www.businesswir…
3/ OK let's dig in. Here's a tl;dr: *IF* #ElSalvador adopts legislation to make #bitcoin legal tender, bitcoin: * likely gets status as “money” so treated on par w/ foreign currency by banks * possibly gets “cash” accounting treatment under USGAAP/IFRS (solves #BTC adverse acctg)
A milestone in the history of digital federalism as President @nayibbukele proposes to make El Salvador the world's first sovereign nation to adopt #bitcoin as legal tender. 🇸🇻 @KenzieSigalos @CNBC: https://www.cnbc.com/... https://twitter.com/...
Here is a press release from @JackMallers, an early Bitcoin pioneer who helped engineer the El Salvador legislation. https://www.businesswire.com/...'s- First-Country-to-Adopt-Bitcoin-as-Legal - Tender
In other words, El Salvador isn't making #bitcoin legal tender in an attempt to be trendy. This is an attempt to protect Salvadorans from inflationary U.S. policy. A number of other countries could follow SLV's lead. Caribbean nations would be of particular importance.
“Mallers framed Bukele's announcement as pushing back against “unprecedented monetary expansion.” He placed particular blame on the Fed Reserve for “crushing emerging markets” such as El Salvador's dollarized economy by printing greenbacks ad-nauseum.”🙄 https://www.coindesk.com/.…
I just don't think the problem in El Salvador is that an authoritarian state is keeping people from their money. It's that a semi-legal drug gang parastate is seeking to legitimize itself and launder their cash that, if it were kept as USD, would be tracked and traced https://twi…
“Central banks are increasingly taking actions that may cause harm to the economic stability of El Salvador.” Small countries can now finally insulate themselves from the effects of dissolute monetary policy. Go Bitcoin to get to higher ground.
Lest I further blow up Alex's mentions... I've previously clearly outlined the corpoState coopt-and-control supply+narrative attack on Bitcoin that is a realistic vector for increasing, not reducing, the control that govs have over their citizenry. https://twitter.com/...
Breaking: a country of 6m that doesn't rank in the top 100 economies says they might embrace #bitcoin Bitcoin community: LFG!!!!!! https://twitter.com/... https://twitter.com/...
El Salvador is a 70% cash country because it lacks the infrastructure and access to financial systems for people to use debit or credit. But, it's going to find a way for people to use Bitcoin everywhere? This is cool news for legitimacy, but not in terms of volume. https://twitt…
hilarious. If El Presidente discovers that Bitcoin reduces his control over the population, he'll reverse the legal tender decision at lightning speed (pun intended). https://twitter.com/...
Important to note: do not celebrate the leader of El Salvador, who has displayed authoritarian behavior. Celebrate the action, which will, over time, reduce the control that his or any following government has over the citizenry. https://twitter.com/...
Literally gentrifying, destroying, and displacing communities by getting rich off ES resources. ES is facing serious social economic problems that has to be dealt first. Bukele is selling a false illusion of prosperity. The last thing ES need is a tourist dependent economy. https…
I was hopeful with Bukele on its first days, not anymore. So let's be cautious with this, it could be another Musk style behavior. Credit to @JackMallers for its work nonetheless. https://twitter.com/...