El Salvador BTC experiment

So I have been following the progress in El Salvador on the BTC adoption, and I think that the entire world is watching. this means that El Salvador can show other countries that adoption can work or will fail. It is kind of a ‘make or break’ moment for the adoption of BTC, if it turns out to work in El Salvador and they can partly detach from their bond with the USD other countries with weak currencies will follow suit.

So the rate of adoption might lie in the hands if a relatively undeveloped country, this means that big banks and other governments that are against the rise of BTC have the opportunity to do something about this adoption. (SEC sued Coinbase the day El Salvador implemented their BTC law, and they give absolutely no explanation to why they are suing, coincidence? I think not)
in other words the adoption rate of BTC lies in the hands of an Trump wannabe (Nayib Bukele) in a country of only 6.5 mill inhabitants who are all surprised by this change in economic direction. whereas developed countries and banks are incentivised to kill this field experiment to show the world BTC is not ready for adoption, so they can keep their printers running and keep the fee machine they call a financial system turning.

What do you think about this current attempt to break free of the USD by using BTC? Will it work? Will it fail? do you think other countries will follow their example?
love to hear some opinions.

What Bukele turns out to be - brilliant marketeer or an autocrat or whatever will have to see. Fact is McDonalds, Pizzahut, Starbucks all had their btc payment rails in order from day 1 in El Salvador. Multiple people reported having bought burgers and coffee with their Lightning wallets.

It’s no small feat rolling Chivo wallet out nationwide providing citizens with $30 drop in btc to spend. But this is just a more visible top-down adoption that piggy backs on El Zonte’s local grass roots succes. Organic growth and adoption happens already around the world and does not hinge on political clout or even downright suppression like in Nigeria.

What is remarkable is Bukele openly taunting the IMF while smash buying bitcoin (see Twitter). He knows perfectly well btc as legal tender is at odds with the fiat monetary system. And that there is nothing they can do about it. Does the future of bitcoin depend on succes in El Salvador ? I don’t think so. It’s already gone global - but now game theory sets in as the countries that don’t take in btc as part of their monetary reserves will be left behind by those that will. Panama has already said it will accept btc and eth yesterday. More will follow.

BTC is about sovereignty of the individual and we will probably see a shift in what it means to be a sovereign nationstate which was always an artificial construct. A nation state’s use value and succes will largely depend on their ability to offer attractive citizenship or residency deals for people with the most liquid, borderless, scarce money there is - btc

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