Have you guys heard the latest Bitcoin news? It’s a bombshell…
El Salvador just became the first country to make Bitcoin a legal tender on Tuesday.
This means it can be used as a national currency option — alongside the U.S. dollar — for the citizens of El Salvador… and that’s revolutionary.
This is a major game-changer for cryptocurrency, and a historic proclamation to what people will define currency as in the future.
It’s also one heck of a bold move that has cryptocurrency fanatics going wild, pushing Bitcoin up 12% for the day by 1:30 p.m. EDT.
The new law says “all economic agents shall accept bitcoin as a form of payment when it is offered by the purchaser of a good or service.” People can even pay their taxes with bitcoin.
While this may feel like it’s coming out of left field, El Salvador isn’t out of its mind for doing this. In a lot of ways, Bitcoin solves the problem that similar countries have of establishing a stable fiduciary environment for their citizens to foster a steady economy.
So if you live in a place like El Salvador and you’re constantly earning a depreciating currency, it’s almost impossible to get out of that financial spiral.
But if your earnings are all of a sudden in Bitcoin, then that could be a game-changer for the country — to the upside and for the better.
After reading all of the Bitcoin news in El Salvador, Joy of the Trade’s Jeff Zananiri doesn’t understand how some investors can just ignore this.
If anything, the news has made him more bullish long term on Bitcoin and cryptocurrencies in general than he ever was before.
However, investors still need to consider the caveat to this development: The United States treasury doesn’t want competition.
Bitcoin becoming a legal tender is basically a big “F you” to the U.S. government and its dollar.
But even more so, this move toward Bitcoin as a formal currency could be detrimental to gold…
Check out our short video below to learn more about the Bitcoin news in El Salvador, and what it means for investors. Jeff and I also discussed how retail traders have doubled in the market, inflation, Meme stocks and going bullish on the Energy sector.
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