El salvador has become new history of bitcoin!

[janggernaut]

El salvador has achieved that because this morning the proposal got approved majority in Salvadoran Congress.

https://cointelegraph.com/news/el-salvador-president-bitcoin-law-will-be-approved-tonight/amp?__twitter_impression=true

Many countries will follow El salvador later to accept bitcoin legal tender on their country, what do you think? Will bitcoin back to $64k in few weeks later after this insane news?

First pizza traded for 10,000 bitcoin , now EL Salvador the first country for bitcoin legal tender.

[somac.]

Yes this day is a cause for celebration and others will follow. Also note this is Bitcoin, not crypto, not some kind of shitcoin, but Bitcoin. And they will be focusing on the Lightning network.

[NeuroticFish]

First pizza traded for 10,000 bitcoin , now EL Salvador the first country for bitcoin legal tender.

I guess that it would be appropriate to have a "Thank you El Salvador" or "Bitcoin legal tender in El Salvador" like messages on the blockchain today.
When I've seen the news about the proposal, I was skeptic at best. So it's a hugely wonderful surprise that this happened. It's a huge leap forward, although it's a small economy/country.

what do you think? Will bitcoin back to $64k in few weeks later after this insane news?

I think that the price getting "this low" again is unnatural and should reach again proper values (and new ATH too) as soon as the good news will pile up and weak hands too get more confidence.
Now it's El Salvador. In less than 4 days, Taproot lock in. It's a start...

[Johnyz]

This is indeed a good news and I appreciate this law because they'll guide people who are still not familiar with bitcoin and there's no need to pay capital gain tax. I didn't read the whole context but the headline says it all already, Bitcoin is now a legal tender and I'm so excited to hear more countries to do the same thing. Though the price of BTC is still down a little, but when the law takes effect for sure many will start to adopt.

[DU18]

Definitely great news for the crypto community and especially for BTC holders. Also, another news I heard is that El Salvador will give permanent citizenship if a person invests more than 3 BTC, which is approximately 100k$ at this time. Hopefully, we will have a safe heaven for the community in El Salvador.

hopefully with this positive news it can push the bitcoin price back into a positive path, after a lot of negative news that continues to hit bitcoin this month causing the bitcoin price to fall to the $30K price level. With the legalization of bitcoin or crypto as a means of payment in that country, of course, El Salvador is the first Central American country in the world to do so, and we all hope that there will be other countries that will also legalize crypto, especially bitcoin as a legal payment alternative later, such as what El Salvador is doing today.

[bryant.coleman]

Yes this day is a cause for celebration and others will follow. Also note this is Bitcoin, not crypto, not some kind of shitcoin, but Bitcoin. And they will be focusing on the Lightning network.

The news was about Bitcoin, but I can see almost all the cryptos going up by anywhere between 10% and 20%. It is quite frustrating actually. El Salvador is accepting Bitcoin as a legal tender. They are not accepting any of the shitcoins, including Doge or XRP. Still a section of the users are using this opportunity to pump these shitcoins. Anyway, I just want to concentrate on the positives. We will take care of the shitcoins later.

BTW, the community has reacted in an overwhelmingly positive manner to this news. And it should be like that. Because this is a groundbreaking and historic moment for Bitcoin. The excitement within this forum is quite visible and I have seen at least 10-15 different threads on this topic on various sub-sections.

[Yaunfitda]

Yeah, even if El Salvador is a small country, still, we should take his as very welcoming news indeed. We have been waiting for other nations as well. And maybe this is the start of a movement, in Latin American for bitcoin to be accepted as legal tender.

And at least we have some positive news to come, last 6 months or so, the headline was always, Elon and China FUD and negative news. Prices jump to +10% or more in the last 24 hours, good sign ahead.

[proudhon]

In hindsight it'll be crystal clear to everyone that the price of bitcoin went down as more countries followed El Salvador's lead.

[passwordnow]

I do not think that many countries will follow El Salvador. But this is a very good news that El Salvador has already made bitcoin as a legal tender. Some countries might follow and just tuning in what shall be the effect of it to their economy and then they'll start to decide and plan if they will do the same. And for the price, we may not see the effects of it positively in a quick manner. It's going to be a slowly but surely effect that we shall see but I'm believing that price will come back soon at $60k~ish.

[DOH!]

Yes, El Salvador!  Will it go viral and will it become a worldwide brand and style?  I believe this country did the right thing and they are really progressive and integrated with crypto.  I am so grateful for their strength - El Salvador must be mentioned in the history of bitcoin and the crypto space with respect!

[thecodebear]

The first of many. I expect this decade we'll see numerous small 3rd world nations adopt bitcoin as legal tender, maybe even a larger non-western nation or two.

The 2010s was the retail movement of bitcoin.
The 2020s will be the institutional movement of bitcoin and the start of small nation-states coming into bitcoin.
2030s and 2040s will likely see larger nation states joining on with bitcoin.
By 2050 there will be several billion people who simply think of Bitcoin when they think of money and any country where you can't simply spend Bitcoin by law anywhere will be a backwards nation. If you have 1 bitcoin you'll be rich. You'll be able to go out and buy a sandwich anywhere for a few hundred satoshi.

[stompix]

Will bitcoin back to $64k in few weeks later after this insane news?

The initial reaction was indeed a huge pump is going to come but it seems that it wasn't that spectacular as I would have expected, of course, we were on a clear downtrend but still if we look in terms of price only we're barely 4k up from the dip and ..I don't know..the weekend is coming, I don't there will be some big news and just Salvador related ones simply seem like they can't push the price much further. If we look back at the moment of Paypal and Tesla news the price jumps are far more serious, again we were experiencing a trend up at that time but still, feel like this one although my opinion is way more important than a company buying coins simply can't do the same with the price. 

It's possible the traders are focused more on short term gains, maybe they don't see anything major coming from Salvador in terms of investment that would trigger a buying wave, or I don't know but to me it feels like this was the spark needed to reverse the trend but somehow it failed to ignite everything. Maybe some consider a moron of Trump to have more influence than a tiny pacific nation, or some other morons speaking in the US senate hearing, I'm referring to Darrell and Warren, have some more influence but this is really weird.

One day ago I would have said new ATH by the end of the month, now I'm more cautious.

The news was about Bitcoin, but I can see almost all the cryptos going up by anywhere between 10% and 20%. It is quite frustrating actually. El Salvador is accepting Bitcoin as a legal tender. They are not accepting any of the shitcoins, including Doge or XRP. Still a section of the users are using this opportunity to pump these shitcoins. 

Well, it did manage to get some 4$ back in dominance but I think the rise in shitcoins was because of the traders that expected like always the altcoins to follow bitcoins, a false movement based simply on the belief that those will definitely rise if BTC hits a wall before 40k I expect another red month for all the shitcoins out there.

[Dave1]

Many countries will follow El salvador later to accept bitcoin legal tender on their country, what do you think? Will bitcoin back to $64k in few weeks later after this insane news?

Nah, I don't think that this news is enough to push the price to even $40k. Yes, this is a developing news, but I would say that it won't have significant effect. What we should here is first world countries adopting and legalizing bitcoin, it will be huge news.

First pizza traded for 10,000 bitcoin , now EL Salvador the first country for bitcoin legal tender.

Correction, Japan and Australia is the first and second to legalised bitcoin as legal tender way back in 2017.

[thecodebear]

Many countries will follow El salvador later to accept bitcoin legal tender on their country, what do you think? Will bitcoin back to $64k in few weeks later after this insane news?

Nah, I don't think that this news is enough to push the price to even $40k. Yes, this is a developing news, but I would say that it won't have significant effect. What we should here is first world countries adopting and legalizing bitcoin, it will be huge news.

First pizza traded for 10,000 bitcoin , now EL Salvador the first country for bitcoin legal tender.

Correction, Japan and Australia is the first and second to legalised bitcoin as legal tender way back in 2017.

No, El Salvador is the first. Japan didn't actually make it legal tender (which I thought they did for like a solid year after it happened) but it was more like they just in some way recognized it but it's not legal tender. Would love to see Japan make it legal tender, I could see them being the first first world nation to do so, but I imagine that's still a few years away. I think we'll see a handful of third world countries adopt Bitcoin over the next few years before Japan would even start thinking about it.

[adaseb]

I don't think the rally was mostly caused by El Salvador, it was a combination of events such as Saylor raising $500M and he will buy BTC sometime next week. What was more bullish was that he got offers for $1.5B actually so there is proof that there is tons of demand for bitcoin. Currently its hard to say where we will be next week. We can go and break the $40K and head to $50K or we might go back down to the $30K and most likely this time it won't hold.

There are many people who are very bearish now which is actually bullish because thats the way the markets work. If you look at the futures there is no more premium and the funding is actually negative now. So the shorts are paying to stay short. So most likely we might get a squeeze and that might end up being the top before it heads back down.

[hugeblack]

Many countries will follow El salvador later to accept bitcoin legal tender on their country, what do you think? Will bitcoin back to $64k in few weeks later after this insane news?

If something X happens, does that mean that something Y has to happen? In other words, when Tesla bought Bitcoin, does this mean that all car companies should follow in its footsteps? of course not.
Therefore, what El Salvador has done is a step in a long way to adopting Bitcoin, but this does not mean that other countries will follow suit.

It might be understandable that other countries would do this if the United States did, but I don't expect that to happen.

So it is a step on a long road to adoption, neither more nor less, and it is wrong to make predictions based on it.

[zanezane]

Remember that bitcoin was only considered a legal tender but not as an official currency so it's just another step towards adoption of bitcoin. To those who don't know what legal tender is, it basically means that anything that is considered by the government as a way to pay debts or something.

[Jating]

Yes this day is a cause for celebration and others will follow. Also note this is Bitcoin, not crypto, not some kind of shitcoin, but Bitcoin. And they will be focusing on the Lightning network.

Hopefully there could be other countries to follow the footstep as what El Salvador this 2021.

We never thought that a Central American country like El Salvador will be the face of bitcoin in that border, but they initiate it so we should lauded their current government for the decision. And it will open up a lot of opportunities for El Salvadorian to explore the benefits of bitcoin individually. Who knows maybe next month we will see them on top of Google Searches. And give them some time, maybe Central America countries are already looking at bitcoin and make them a legal tender.

[ningrum]

one good step from a big country, and of course this will be a big step for other countries to be able to follow El Salvador which legalized Bitcoin,
just wait Brazil will also legalize it, and there is news that Iran will legalize crypto currencies in particular Bitcoin, just wait for further info.
https://www.trustnodes.com/2021/06/10/iran-to-legalize-crypto-as-soon-as-possible-says-president you can see the news here, hope it helps

[DU18]

one good step from a big country, and of course this will be a big step for other countries to be able to follow El Salvador which legalized Bitcoin,
just wait Brazil will also legalize it, and there is news that Iran will legalize crypto currencies in particular Bitcoin, just wait for further info.
https://www.trustnodes.com/2021/06/10/iran-to-legalize-crypto-as-soon-as-possible-says-president you can see the news here, hope it helps

the steps taken by el savador will certainly make other countries to start researching how much benefit el savador can take after adopting bitcoin in their country, if it will have a positive impact on the el savador economy, of course many other countries will going to follow el savador's to adopting bitcoin.
because in my opinion only one positive example is needed for other countries to be able to adopt bitcoin and what is certain is that a long road always starts with one first step .