El Salvador: Well... That Escalated Quickly...

3 Min Read
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No I had no idea until just now that El Salvador actually passed the law to make Bitcoin a national currency with a supermajority vote. That's insane... I was thinking it surely wouldn't happen; such a pipe dream. Memes make dreams, friends.

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As the Bitcoin crew continues to slay Elon Musk on social media, everyone is now looking to Nayib Bukele, Presidente de la República de El Salvador. Seriously, so weird. No one gave a shit about El Salvador last week. What is that? A country? Now with some political maneuvering they find themselves in the middle of the emergent open source economy ready to hit the ground running.

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Seriously?

I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos

He's even leaning into the whole green energy debacle like a champ. What a pro. Once again, we see how Bitcoin leads the charge in Green Energy as I've stated multiple times. This allows El Salvador to turn their volcanoes into a valuable font of energy that can be turned directly into digital currency and secure the Bitcoin network at the same time... insane...

On top of that madness, it means that energy is going to be dirt cheap in El Salvador because all the infrastructure is paying for itself and none of the resources are going to waste. Again, legendary, as predicted.


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Talk about a blow-off top.

You couldn't really ask for more bullish news than this. Now there are a handful of other countries in South America talking about doing the exact same thing: turning Bitcoin into a national currency. This is crazy! How did this happen so fast? The dominoes are dropping rapidly.

No amount of China/Russia/India/regulation FUD can counteract these developments. Soon™, Bitcoin will officially be a foreign currency, and when that happens things are going to get very awkward.

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This is getting serious.

Think about it: legal obligations to accept Bitcoin as a national currency. Bitcoin is a borderless technology. Once a company has the infrastructure that accept Bitcoin in one country, they can immediately roll that out to every country they operate in, for free. That's some pretty wild developments if you ask me. Things are moving quite quickly it seems.

El Salvador: my savoir!

Another thing we should all know about Nayib Bukele is that he was elected OUTSIDE of El Salvador's two party system. He was a third party candidate, and he got more than 50% of the popular vote. I feel like I shouldn't have to explain how pure flippin insanity that is by itself. This guy is clearly a champion of the people.

And so it begins.

As I've predicted many times in the past, the poorest most downtrodden nations will be the first ones to fully accept crypto for what it truly is: a superior form of currency destined for greatness. Many of these developments will be open-source, collaborative, and inclusive, meaning the value being built in El Salvador will quickly be copied and distributed across the other nations that also accept it directly as currency. Pretty wild.

TA

At this juncture, it's pretty hard to imagine Bitcoin returning to the doubling curve now that countries/corporations are officially starting to embrace it as actual legal currency. This is the mega-bubble year, after all, and we find ourselves pretty much where we were in 2017 by percentage comparison. It's easy to see how this hype cycle could continue on to the real blow off top at $250k at the end of the year.

Wait for it, it's gonna be a doozy. Something tells me the weak hands have already been completely flushed. I expect $30k to hold strong. Might take a couple of weeks to get out of these woods, but who cares about a couple weeks when we still have 6 months to go?

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