El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻

[stompix]

Source Link: https://decrypt.co/284994/el-salvador-bonds-spike-bitcoin


This is how the government of El Salvador can move its country forward, and make Bitcoin even more prosperous.
 Because he has a good understanding of Bitcoin and is most optimistic about how Bitcoin will move his country forward in the future.

And here goes the myth about crypto enthusiasts actually verifying and not blindly trusting a source and having an understanding of the basic economy! News flash about what you consider to be a great deal and showing economic growth and prosperity:

Lesson number one:

Notes across the country’s curve gained Monday, with those due in 2041 advancing 2.8 cents to 85.9 cents on the dollar, the highest in more than three years, according to indicative pricing data collected by Bloomberg.

The spike is in negative value territory, which means people are selling bonds worth $1 for 85 cents!

Lesson number two:

Should the swap go ahead, El Salvador will issue new notes that will be purchased by a special purpose entity, funded by using a loan from a unit of JPMorgan Chase & Co.

So Bukele is asking for a loan from JPM, yeah the guy who said the country will not run a deficit again and is of course not taking a loan from the IMF is seeking a pay 9.5% to get a loan to buyback his debt to issue more debt. How can a mortal comprehend the greatness of such a financial guru! /s

Lesson number three

El Salvador's Congress on Wednesday signed off on a $1.5 billion debt issuance to finance its credit portfolio and the Central American nation's general budget. .

Another great move, issuing 10 years of debt at 7.6%, debt in USD while US bonds are at 4.5% and declining, because yeah, that's how you get out of debt, by claiming you pay your loans while in reality, you take more expensive loans every month to cover the previous holes you have made in your budget!

[iBaba]

In this case, Bitcoin simply turned out to be a tool that this person was able to use, because there are many similar applications, but only some become successful. And in this case, Bitcoin was exactly what was able to attract attention, because despite the fact that Bitcoin was approved as an official means of payment, not everyone was able to immediately adapt their activities with Bitcoin, and those who were able to do so received an advantage from this. There are always many opportunities in our lives, you just need to be able to find them and use them.

Talking about opportunities, it is good to always explore the bounties of opportunities that usually comes with new projects in the financial sector especially as far as the Bitcoin and other cryptocurrencies are concerned. They have opened an entirely different way of doing things in the decentralized manner. What people used to see as impossible is now possible as you can now make cross-border transactions without the fear of the government's interference or better still the banks headache.

I use this scenario to remember how we used to find it difficult to send or receive funds from our family and friends in the Diaspora before the introduction of the Western Union and Money Gram which were also hectic in their ways. Now, everything is absolutely seamless, fast and simple to use courtesy of this new innovation. What I have to say at this juncture is that the El Salvador Government had seen these bounties of opportunities through their lens of wisdom and decided to tap from it