El Salvador’s congress has approved the adoption of bitcoin as legal tender. It will likely take 90 days before the new system is up and running but it is big news as far as bitcoin’s original use case as a means of payment goes. Bitcoin has jumped 16% in the past 24 hours on the news to currently trade at $36,400.<\/p>\n
Undoubtedly as an object of speculation bitcoin has been a success and even as a store of value despite its famed volatility. But where it has struggled is in the realm of payments, with only a tiny number of transaction volumes accounted for by consumers or businesses using it to buy goods and services.<\/p>\n
A number of companies in several industries have attempted to adopt bitcoin for payments at various times but without much traction.<\/p>\n
So it is against this background that the full import of El Salvador adopting Bitcoin as a legal tender<\/a> in the country should be measured. The implications could be truly seismic if more countries follow in El Salvador’s wake.<\/p>\n During the Bitcoin 2021 conference held in Miami from June 4th<\/sup> to 5th<\/sup> 2021, El Salvador President Nayib Bukele announced<\/a> his intentions to adopt Bitcoin as a legal tender in his country.<\/p>\n The conference recorded 12,000 attendees, plus many famous speakers such as the CEO of Square, Jack Dorsey, Ron Paul, a former congressman, and Brian Brooks, the CEO of Binance. Also in the conference were Floyd Mayweather, the famous boxer, the founders of Gemini, Tyler, and Cameroon Winklevoss.<\/p>\n Before the event closed, El Salvador President Nayib Bukele made the market-moving announcement via a video link, revealing that the country will soon use Bitcoin as a legal tender.<\/p>\nEl Salvador Announces Bitcoin Adoption<\/strong><\/h2>\n