El Salvador becoming first country to adopt Bitcoin as legal tender

The decision was announced by the country’s President, Nayib Bukele, while speaking during a video broadcast at the Bitcoin 2021 conference held in Miami.

The President also revealed that the country had entered a partnership with famous digital wallet company, Strike, to build the country a modern financial infrastructure using Bitcoin technology.

President Bukele buttressed the reason for his decision in a series of tweets on Twitter where he had changed his profile picture to the laser eye.

Jack Mallers, the founder of Strike, opined that “holding Bitcoin provides a way to protect developing economies from potential shocks of fiat currency inflation.”

Mallers also added that the move would help unleash the power and potential of bitcoin for everyday use cases on an open network that benefits individuals, businesses, and public sector services.

El Salvador, being a major cash-dependent economy, adoption of Bitcoin would lead to more financial inclusion for the state’s citizens. “Financial inclusion is not only a moral imperative but also a way to grow the country’s economy, providing access to credit, savings, investment, and secure transactions,” the President stated.

Crypto enthusiasts have taken the news of this development with joy, as many of them posit that this is an indication that the leading crypto asset is gaining ground globally.

According to Justin Sun, the founder of TRON, the move by the American country will lead to more crypto investors and entrepreneurs moving there.

MicroStrategy’s chief executive and a leading voice for Bitcoin, Michael Saylor, also tweeted, “Welcome to Bitcoin.” At the same time, Caitlin Long, the CEO of Avanti Bank, hailed the announcement as a historic day in the history of Bitcoin.

CZ, the top executive of leading crypto exchange Binance, asked his followers to predict the next country that would be adopting BTC before adding, “El Salvador is beautiful.”