El Salvador looks to become the world’s first country to adopt bitcoin as legal tender

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Imagine going to pay for a car and finding out Musk has tweeted again and essentially doubled the cost in 48 hours.

bcjdosmdndb

Since this is the investing subreddit, I’ll go ahead and give my investing thesis: Big headline value, but likely little real impact. I doubt most Salvadorans are going to suddenly start paying their bills with bitcoin. The most interesting part for me will be how they handle pricing of goods. I have to imagine it’s still going to be pegged to the dollar. No way they let other countries pay 30% less for exports one month if bitcoin is down relative to the dollar. I think this is more akin to a classic “[insert location] is open for business!” PR campaign.

snow-days

This is a pointless decision. Article states that over 70% of the country is run on cash. Leader is just using this headline to most likely pump bitcoin since he only said he will bring the law up for debate. El Salvador using bitcoin as a currency won’t happen when they can’t even afford widespread Internet. 20% gdp etc is made my migrants sending cash there so obviously they want bitcoin to be adopted so migrants can send it to them. They tax it and watch it continue to skyrocket. Government there is a joke. In simple terms “send your corrupt money laundry here”

coolnasir139

Big cringe. When they crash and their population starves and mass immigrates to the US, only house them in bitcoin holders’ houses

curtainflagwall

I will never understand as to why my county is doing this. They got rid of their own currency and adopted US currency and it’s been nothing but heartaches for the poor and they want to do this??

Mr-Cali