El Salvador to Make Bitcoin Legal Tender
I can't make this stuff up
I pledge on my sacred honor to always be honest with you. Whether you like my opinions or not, I’m always going to be a straight shooter with you, because honesty both ways is what all people deserve.
I don’t get Bitcoin, I don’t trust these cryptocurrencies, and I can’t in good mind ever recommend you put your hard earned dollars into these things (which most people still don’t appear to understand. From my good friend Warren Buffet advising against them, to the head of the Bank of England warning crypto investors to expect everything to go to zero, I don’t believe anything good is going to come from this magic internet money.
With that said though, I found this piece recently and felt that as I read the title, I was losing my ever-loving mind!
In a recorded announcement played today at the Bitcoin 2021 conference, the president of El Salvador, Nayib Bukele, announced that the country’s government would declare bitcoin as legal tender.
"Next week I will send to congress a bill that will make bitcoin a legal tender,” he said.
The presentation was hosted by Jack Mallers, founder of Lightning Network payments platform Strike, who has been working with Bukele to determine the logistics of this historic move.
"Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system,” Mallers said. "They asked me to help write a plan and that they viewed bitcoin as a world-class currency and that we needed to put together a Bitcoin plan to help these people.”
In declaring bitcoin legal tender, El Salvador has become the first country to onboard to a non-fiat currency. Because bitcoin is issued programmatically and does not fall under the control of any third party or central bank, El Salvador is now uniquely positioned to take advantage of Bitcoin’s unique properties, particularly as a store of value that is provably scarce and natively digital.
According to Mallers, the country is now working with Bitcoin businesses and platforms to determine logistical solutions for the move.
Crazy, absolutely crazy. Let others lose their money and make bad financial decisions, my friends, those fantasies aren’t for those of us who live in the real world.
Your humble servant,
P.S. The fun doesn’t stop when the episodes end! Come join me and let’s chat on MeWe!
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