On September 7, El-savador has legalized Bitcoin as a legal tender in the country. Launching from various news about the legality of Bitcoin in the country of El-savador, it is said that it has around 400 BTC at this time.
At the initial purchase of El-savador around 200 BTC the price of Bitcoin had risen to the level of $53k. But after a few days the price of Bitcoin fell again to its current $46k position. Regarding the issue of falling prices, various opinions were present and became a hot topic. From the impact of the wave of El-Savador people who are not aware of the existence of laws that have been passed by the government, the fear of pensions being paid for with high-risk crypto assets about value problems, along with the fear of the Bank that will provide difficult policies given by the IMF to the public. many say that many still do not understand about the use of cryptocurrencies, especially Bitcoin which is legalized as a means of payment. Not to mention there is an obligation for entrepreneurs to use Bitcoin as a means of payment. So what about those who don't understand technology?
On the other hand, the government trip that has legalized and has started various transactions that have been running can be considered to be running smoothly. The government provides educational services in advertising for the problem of using Bitcoin in advertising. Where it is hoped that this can further provide knowledge and the smooth running of new legislation regarding Bitcoin as a means of payment to run smoothly in the future.
Many outside parties also reacted to this, of course. Those who view positively of course make El-Savador an example to be used as a valuable lesson in the future. As for the supporters of crypto assets, this is the first step to accepting crypto assets as a means of payment after experiencing many different blocking conflicts for a long time.
As the first country to legalize Bitcoin as a legal payment tool as a crypto user, I congratulate you and I hope El-Savador can show the world as an example of success in strengthening the economy and stability of the country for its people in the future with crypto. Apart from the problem of corruption and all the crimes of unscrupulous persons, hopefully it can also be resolved and make El-Savador less likely to act on economic problems later. Good luck and hopefully achieve a prosperous, just and civilized economy in the future.
