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June 11, 2021, 10:10:15 AM |
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I'm back again.. your one and only young crypto enthusiast Muenalo... I hope you guys missed me?😍😍.. Alright.
Today I will be talking about the trending issue that has been the headline on all crypto news for the past 3 days now, which is, "El Salvador's adoption of bitcoin as a legal tender".
So, first of all, I will like you to grab a bottle of fresh juice, sit down tight, while I bisect and dissect this trend to the best of your understanding. Alright 😋😋.
AREA OF FOCUS 1.What is El Salvador? 2. Why is El Salvador adopting Bitcoin? 3. What does El Salvador stand to gain? 4. What does the bitcoin community stand to gain? 5. Summary
1. WHAT IS EL SALVADOR?
El Salvador is a country in Central America, having a land area of 8124 square miles and a population of over 6.4million persons. Officially called the Republic of El Salvador, with Spanish as its official language. Bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south by the Pacific Ocean. El Salvador's capital and largest city is San Salvador. The name of its president is Nayib Bukele.
2. WHY IS EL SALVADOR ADOPTING BITCOIN?
Since El Salvador happens to be a country that relies heavily on money sent back from workers abroad, and it's citizens outside the country, and according to a statistical data that was given by the World Bank in 2019 which shows how over $6billion was sent by El Salvadorans living abroad through remittance firm to their family and friends living at home, of which the total sum was equals to one/fifth of the country's GDP. So, President Nayib Bukele, been a good leader, and a man who has the interest of all El Salvadorans at heart, while thinking on a quicker and cheaper way for El Salvadoran living abroad to be able to send money to families and loved ones at home, came up with the idea of cryptocurrency, which offers a quick and cheap way to send money across borders with fewer charges, of which is the reason for this adoption proposal today that is causing trend..
3. WHAT DOES EL SALVADOR STAND TO GAIN
With the adoption of bitcoin as a legal tender in El Salvador, the Salvadorans working abroad can now with the use of crypto send money to their family and loved ones at home quicker and faster, bypassing remittance firm who charge huge amount per transaction across borders.
4. WHAT DOES THE BITCOIN COMMUNITY STAND TO GAIN?
With the implementation of the adoption of bitcoin as a legal tender by El Salvador's president, and his promise to offer citizenship to anybody who could show evidence that he/she has invested at least three bitcoin, is indeed a welcome development to the bitcoin family and cryptocurrency at large. Because with this adoption, this will expose many into cryptos, and by so doing, increase the volume of buy and sell of bitcoin, hereby causing a massive increase in the volume of market cap and the price of bitcion to almost $100,000 per bitcoin. (Which is everybody's prayer)
5. SUMMARY Just as El Salvador has taken the bold step to be the first country to adopt bitcoin as a legal tender, and has promise to teach its citizen the basic principles on the use of bitcoin, how I wish others will follow suit, and I bet you, digital currency will be the best currency on the planet.
Thank you..😀😀😍😍
I remain your humble, young crypto enthusiast "Muenalo"..
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