Maybe some call it a dangerous gamble, some call it a smart move, but only the future will unfold who was right. 🔮
No matter the outcome, today will be in the history books because El Salvador has become the first country to accept Bitcoin as a legal tender in the country. Its president, Nayib Bukele, recently announced that the country now holds 400 Bitcoins in total.
For El Salvador, accepting Bitcoin is not just following the trend and diversifying its balance sheet. For them, as the local economy is relatively poor, Bitcoin presents an opportunity of developing the country in the future.
A global financial expert Paul Murillo has just said: “What we now see is a series of finance ministers from several countries watching and waiting for a while to see what mistakes El Salvador makes, and what they can learn – these are some of the bigger countries who we may not see taking this step for many years. The ones to watch now are those countries who have already done their homework on Bitcoin and who are ready to make the move within the next 12 months.”
Although El Salvador is a small economy compared to the world's leading nations, it may very well be the first step towards other countries accepting Bitcoin as a global currency.
One thing is for sure, you can always trade in both ways as you can Sell📉 and Buy📈 on NAGA. 🙌
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