Bitcoin to Become Legal Tender in El Salvador, Says President
Big, positive, "sell the news" information just came out about El Salvador set to adopt bitcoin as legal tender throughout the whole country. This is according to an announcement made by the president of El Salvador , Nayib Bukele.
This announcement came at the Bitcoin 2021 bitcoin, according to the bitcoin magazine.
"Next week I will send to congress a bill that will make bitcoin a legal tender,” he said.
Jack Mallers, who hosted the presentation, and is also founder of the lightning network, added:
"Over 70% of the active population of El Salvador doesn't have a bank account. They're not in the financial system,” Mallers said. "They asked me to help write a plan and that they viewed bitcoin as a world-class currency and that we needed to put together a Bitcoin plan to help these people.”
This is big news. This is apparently going to be the first nation in a while, since Japan, to bring in a non-fiat currency as official legal tender supported and accepted by the government. The markets seem to be unaware of this information at the moment.
As I look around, everything is pretty inactive relative to the last round of selloffs that occurred in the past few hours. But the news take some time to travel. With all the negative sell the news bad hype and FUD, it takes a few hours before the market activity takes place.
I expect some action to take place later today. We'll just have to wait and see if the cell the news hype helps push but going into a new Bull Run. But the reality is, all we might see as a temporary push back up to the $40,000 ceiling before another round of selloffs keeps happening.
Let's stay positive, and hope that this is the news that's going to break that $40,000 ceiling and get us mooning again. HYPE! FOMO!
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