Altcoins Talks - Cryptocurrency Forum
Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: MrSpasybo on September 20, 2021, 01:25:55 AM
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On Sept. 7, in a historic first, the small Central American nation of El Salvador adopted Bitcoin as legal tender.
The true significance of this day for how people all around the world exchange value and what meaning they ascribe to the concept of money will take some time to reify and be fully understood. Yet, what is already clear is that September 2021 will be up there next to January 2009 in the history books of the digitization of finance.
Source: El Salvador’s Bitcoin day: The first of many or a one-off? (https://cointelegraph.com/news/el-salvador-s-bitcoin-day-the-first-of-many-or-a-one-off)
Thus Bitcoin has been officially accepted as a currency in a country, and Bitcoin is also being considered in many other countries around the world. Many say that this is the beginning of the global wave of Bitcoin & crypto adoption, a sign of the super cycle. However, many also believe that crypto still has a lot of work to do before it truly joins the global economy.
I don't believe in super cycles, but I think this is one of the key drivers to get BTC to 300K in this bullrun, and will trigger another bullrun in Q4 2021 & Q1-2 2022.
What do you think about the BTC accepted event in El Salvador? Is this important for this bullrun?
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It must be appreciated that a country like El Salvador has dared to make an extraordinary breakthrough, because to recognize and even accept it as a legal tender is not a simple matter in the economic sense of a country. clearly the government has thought about how good or bad what has been done. hopefully this moment will make many countries famous for their large number of crypto users to be motivated to think about what steps to take.
your prediction about the next step of this effect on bitcoin may indeed be realized, and we will see in Q4 hopefully bitcoin will gradually start to move up and break the crucial $50K mark and not to fall again until the end of this year.
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El Salvador is considered as a tiny county with a population of just 6,526,278 as of Thursday, September 23, 2021 (https://www.worldometers.info/world-population/el-salvador-population/#:~:text=The%20current%20population%20of%20El,the%20latest%20United%20Nations%20data.) but it became a big name in the world of Bitcoin and cryptocurrency being the first country to ever recognized BTC as a legal tender. While others accepted the trade and use of Bitcoin and some who got laws permitting Bitcoin, What El Salvador is a first of its kind, so to speak. And then we can certainly say that El Salvador gained a big space in the history of Bitcoin and we are watching closely the many possible ramifications of this decision by the current president either good or bad.
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I do not believe that the fact that the government of El Salvador makes Bitcoin legal tender in its country is something that can influence the economic value of Bitcoin. I don't think we are in a bull run, I think the whales want to keep the market low. El Salvador is now a testing laboratory in which the world can see how the El Salvador government experiment works and know if it would be possible to apply it to more countries with similar economies. That is something that we will be able to know (if the government wants) in a few months, when we can read the first economic reports.
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Of course, the fact that El Salvador adopted bitcoin as a national means of payment is of great importance both for the global financial market and for the decentralized cryptocurrency. However, this decision is only part of the story. It will be more important whether bitcoin itself survives such a test. After all, it was not created for such a purpose and there is no complete confidence that it will help bring the country out of the economic crisis. But this experiment could significantly boost the popularity of cryptocurrency.
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I would say it's a revolutionary step that has been taken by El Salvador's and I hope many other countries will also follow El Salvador in the coming years. It's a hugely positive step for the crypto market that now countries start taking cryptos seriously. We can not predict when the bull run stops or what would be the BTC target it purely depends on-demand or certain other factors. Acceptance of Btc in El Salvador is good for crypto credibility but approval of Bitcoin ETF is more helpful in BTC long bull run.
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I think El Salvador has a touch of improvement in thinking. Because many middle-income countries around the world do not dare to approve cryptocurrencies. Cryptocurrency approval is being hampered in many developed countries. However, many users of various cryptocurrencies are fascinated by El Salvador's specific efforts and adventures. They are one step ahead in terms of technological advancement.
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BTC just hit a new ATH, the market sentiment is greed instead of fear so I believe we have entered a new phase of development for Bitcoin & the entire crypto market. People are trusting and expecting a lot in this market.
Sorry I don't have BTC but I have IOTA & EOS!
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BTC just hit a new ATH, the market sentiment is greed instead of fear so I believe we have entered a new phase of development for Bitcoin & the entire crypto market. People are trusting and expecting a lot in this market.
Sorry I don't have BTC but I have IOTA & EOS!
Yes I see market is starting to go up and more valuable now
Bitcoin has touched new ATH, I believe altcoin will follow it.
I have bitcoin and several altcoin, but not for sell now.
I still hold before end of this year, bitcoin will touch 100K USD
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BTC just hit a new ATH, the market sentiment is greed instead of fear so I believe we have entered a new phase of development for Bitcoin & the entire crypto market. People are trusting and expecting a lot in this market.
Sorry I don't have BTC but I have IOTA & EOS!
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The acceptance of Bitcoin in El-Salvador as a legal tender is of course very good news in the Cryptocurrency world. Even though it's a small country, it will definitely have a big impact in the future. Bitcoin has experienced a super increase to reach the price of $67k , although now it is down again. I think BullRun BTC in 2021 is not over yet, I believe this good news from El-Salvador has a positive impact.
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i heard news of bitcoin going up and i believe it is entering a new phase of bitcoin and crypto and i myself am sure alt coin will follow suit and this good news from el salvador has a positive impact they are as advanced in technology as many middle income countries around the world are not dare to approve cryptocurrencies
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IMO, I think it's just the same, there is no so-called new era phase of Bitcoin only the price has changed a lot but Bitcoin and other cryptocurrencies are just the same, in fact, there is another added burden for users aside from slow confirmation speed it was the expensive transaction fees, while the EL Salvador adoption on Bitcoin has not that big because before El Salvador joined the crypto industry many countries in the world already are using cryptocurrency.
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IMO, I think it's just the same, there is no so-called new era phase of Bitcoin only the price has changed a lot but Bitcoin and other cryptocurrencies are just the same, in fact, there is another added burden for users aside from slow confirmation speed it was the expensive transaction fees, while the EL Salvador adoption on Bitcoin has not that big because before El Salvador joined the crypto industry many countries in the world already are using cryptocurrency.
New Era will happen, if almost all of counties accept and allow bitcoin.
El Salvador is just the sample .
In my opinion, I believe new era will happe when digital currency dominance at the world
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You may have already seen it, but I think this innovation really shows a new twist for the crypto industry. In particular, that Twitter has included the ability to ask for bitcoin tips through its app, which is one of the biggest social networks. I also heard that Twitter is planning to allow cryptocurrency wallets and even NFT ownership may be shown on users' page. How cool is that? ;D
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The statement you gave is correct in my opinion. Entering the new era of cryptocurrency, of course crypto itself has started to clean up and is preparing to move house. For now I will take this step. It was a tough decision, but still solid.Tough decision, but still solid. No matter how busy you are, if you don't have time for your family, it's better to get rid of the problems at home.
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The statement you gave is correct in my opinion. Entering the new era of cryptocurrency, of course crypto itself has started to clean up and is preparing to move house. For now I will take this step. It was a tough decision, but still solid.Tough decision, but still solid. No matter how busy you are, if you don't have time for your family, it's better to get rid of the problems at home.
Yeah, I think We're starting to enter new era of crypto.
Crypto currency is the future technology that make people easier to do transaction and investment.
I agree with this and hopefully will have good profit from this investment
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Yeah, I think We're starting to enter new era of crypto.
Crypto currency is the future technology that make people easier to do transaction and investment.
I agree with this and hopefully will have good profit from this investment
It is true that cryptocurrencies and blockchain are now more popular than ever, but for them to truly be the future of payments and investing, a lot has to happen. Something similar to what happened to the Internet in the 90s must happen, nobody believed that it would have a future, and now it is fundamental for many things. With blockchain and crypto something similar should happen, educate the population and really teach what their qualities are.
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Many people also said we will enter a new era of crypto.
Yeah, I think It will happen soon.
We will see anything will be crypto at the next several years again.
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considering the fluctuating prices, many countries do not dare to take risks like el savador did, so this is still a matter of debate in certain countries.
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The new era of Bitcoin actually came a long time ago, since the legality of Bitcoin was recognized in this country https://en.m.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
some countries are starting to accept crypto for payments, we don't know if these countries have Bitcoin in the long term, but I believe they have Bitcoin for the state treasury or other things in the future
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Yeah , welcome to enter a new era of crypto.
There are many projects now, NFT, DeFi, and metaverse.
I think everything will be crypto because big companies already started to use crypto technology
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With many big companies and even countries that join crypto investment, we can say that we enter a new era in crypto. I don't know how good crypto adoption lately but seeing more top players in crypto investment, crypto can be stated to be more popular. EL Salvador makes people around the world be surprised to make BTC as legal tender. I think it is just the beginning of this new era.
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Some other countries like Tonga etc are gearing up. I noticed this trend is amongst smaller countries. Thus it looks like an experiment of sorts to check the feasibility of bitcoin as a legal tender
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Some other countries like Tonga etc are gearing up. I noticed this trend is amongst smaller countries. Thus it looks like an experiment of sorts to check the feasibility of bitcoin as a legal tender
Correct. We have a good example in El Salvador, it has become a testing laboratory for crypto, but especially for Bitcoin, although I suppose the list will increase over time. It is very likely that many countries are analyzing the economy of El Salvador to see to what extent Bitcoin can improve it and then implement the same or very similar laws. I think it is something that will happen with other countries, everyone needs time to see how it works.