• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: Bitcoin Repayment Plan Gets New Deadline From Mt. Gox Trustee
El Salvador, the separation of money and state

How El Salvador Embracing Bitcoin Signifies “The Separation Of Money And State”

Eduardo Próspero by Eduardo Próspero
2 years ago
in Bitcoin Acceptance, Bitcoin Community, Bitcoin Regulation
0

Things are moving fast in El Salvador. Since president Nayib Bukele announced a proposal to make Bitcoin legal tender in the country, the whole world seems to be watching. Both investors and crypto business owners are exploring their options in El Salvador and the president’s Twitter profile pic shows laser eyes. 

In the video shown at the Bitcoin 2021 conference in Miami, Bukele said, “In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy, and in the medium and long term, we hope that this small decision can help us push humanity at least a tiny bit into the right direction.” And that direction is the separation of money and state.

Related Reading | El Salvador Set to Accept Bitcoin as Legal Tender

One of the tenets of the Bitcoin community, the hope that hyperbitcoinization will bring a world in which the state will no longer be in charge of the money supply. They’ve abused their power enough. They’ve stolen the wealth of the individuals through inflation ten times too many. And who’s going to be in charge? Every one of us and nobody at the same time. Just like Bitcoin is everywhere and nowhere at the same time. 

The world has not seen hard money since WW1. And, for the first time in history, humanity’s got sound money supported by a technology that’s not controlled by anyone in particular. This is a tremendous opportunity to achieve the unthinkable. Will it happen, though? The story is still unfolding, chips are still falling. But if the proposal passes and Bitcoin becomes legal tender in El Salvador, the experiment will have its first use case.

The #Bitcoin Bill proposal that we’ll send to Congress is almost ready.

Simple – Short – Sweet

??

— Nayib Bukele ?? (@nayibbukele) June 8, 2021

What exactly is happening around El Salvador since the announcement?

Answering Tron’s Justin Sun tweet about crypto people moving to El Salvador, president Bukele posed a hard to refuse deal. His country offers:

  1. Great weather, world class surfing beaches, beach front properties for sale.

  2. One of the few countries in the world with no property tax.

  3. No capital gains tax for #Bitcoin, since it will be a legal currency.

  4. Immediate permanent residence for crypto entrepreneurs.

Binance’s CZ was one of the many prominent figures in the crypto world that answered the call:

Enticing. ????⛱️ pic.twitter.com/c7mvu07v7R

— CZ ? Binance (@cz_binance) June 7, 2021

And hours later, Tron announced that the company is opening an office in El Salvador.

El Salvador is crypto nation now! #TRON will become the first crypto organization to establish an office in El Salvador! #Bitcoin #TRX

— Justin Sun ?? (@justinsuntron) June 7, 2021

And one of the premier Bitcoin thought leaders and author of “The Price of Tomorrow”, Jeff Both, is considering the implications. 

Remember: There was a time that Europe also discounted the New World too. Individual rights and freedoms around hard money (in the constitution) were set which attracted the best entrepreneurs willing to move to create a better future for themselves and their families.

— Jeff Booth (@JeffBooth) June 7, 2021

When asked about the high crimes and murder rates in El Salvador, Booth explained one of the biggest positive changes this move might bring. “You have it backwards! Just like most people do.  When money is broken,  crime explodes because people will do anything to pay bills and save their family. Bitcoin fixes this.” If history is to be a guide, hard money drastically reduces crime by improving everything else.

BTCUSD price chart for 06/08/2021 - TradingView

BTC price chart on Gemini | Source: BTC/USDT on TradingView.com

Related Reading | Bitcoin Adoption: Why Paraguay Could Follow In El Salvador’s Footsteps

Anything else we need to know about this unprecedented move?

Well, if Bitcoin is going to help El Salvador thrive, Internet access is paramount. Enter Blockstream’s Adam Back, who told CNBC:

“It was an inevitability, but here already: the first country on track to make bitcoin legal tender,” said Adam Back, CEO of Blockstream.

Back said he plans to contribute technologies like Liquid and satellite infrastructure to make El Salvador a model for the world.

“We’re pleased to help El Salvador on its journey towards adoption of the Bitcoin Standard,” he said.

Enough said.

Featured Image by Sahand Hoseini on Unsplash - Charts by TradingView
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Eduardo Próspero

Eduardo Próspero

Eduardo Prospero is an author, a content writer, and a professional rapper. A Bitcoin maximalist in disguise. Working on a Bitcoin book. Beware of my Telegram impersonator!

Related Posts

Brazil

Brazil Reports Record 3.3 Million Crypto Users In June As Bitcoin Adoption Surges

1 month ago
Brazil

Peru Tightens Crypto Laws, Mandates Exchanges To Comply With AML Regulations

2 months ago
Brazil

Report: New EU Regulations Will Require Banks To Disclose Bitcoin Holdings

3 months ago
Bitcoin Investors Remain Greedy Despite High Market Volatility – Report

Bitcoin Adoption To Grow 50% By 2025, This Report Claims

7 months ago
Bitcoin

Bitcoin As Legal Tender: Arizona Senator Pushes Bill To Make Crypto Legal Form Of Currency

8 months ago
New Jersey

How New Jersey’s Potential NFT Regulation Can Set Poor Precedent

8 months ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Crypto Insights from the Pros: Hedera, Borroe.Finance and...

    9 hours ago
  • Analysts Predict Polkadot (DOT) to Stabilize, While QUBE is...

    13 hours ago
  • Seize the Opportunity:Domini.art Could Offer 50X Returns...

    14 hours ago
  • 3 Tokens Under $1 to Buy Now – September 2023 Rising...

    16 hours ago
  • Was Solana’s FTX Fear A ‘Buy The Fear’...

    16 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.