{"id":865,"date":"2021-09-07T12:47:00","date_gmt":"2021-09-07T12:47:00","guid":{"rendered":"https:\/\/ancstockinvestments.com\/blog\/?p=865"},"modified":"2021-09-07T12:47:02","modified_gmt":"2021-09-07T12:47:02","slug":"bitcoin-hits-52k-as-el-salvador-makes-crypto-legal-tender","status":"publish","type":"post","link":"https:\/\/ancstockinvestments.com\/blog\/2021\/09\/07\/bitcoin-hits-52k-as-el-salvador-makes-crypto-legal-tender\/","title":{"rendered":"Bitcoin Hits $52k as El Salvador Makes the Crypto Legal Tender"},"content":{"rendered":"\n

On Tuesday, the price of Bitcoin briefly rose above $52,000 on a wave of positive sentiment as the cryptocurrency formally became legal tender in El Salvador.<\/p>\n\n\n\n

The Central American nation will become the first sovereign state<\/a> to make Bitcoin \u201clegal tender,\u201d meaning it\u2019s now an official currency alongside the US dollar. In theory, El Salvadorans can now pay for anything\u2014a haircut, house, or even shop\u2014using Bitcoin.\u00a0<\/p>\n\n\n\n

\"Bitcoin
Bitcoin tapped a high of $52,230 on Monday, but has since regressed back to the $51k range.<\/em><\/figcaption><\/figure>\n\n\n\n

The move will make it easier for citizens of El Salvador living abroad to send money home. The new law also means every business must accept Bitcoin as legal tender for goods or services unless it is unable to provide the technology needed to do the transaction.<\/p>\n\n\n\n

El Salvador\u2019s government aims to spend up to $75 million as part of a plan to hand out $30 to people who sign up for an e-wallet called Chivo, or \u201cCool.\u201d That software-based system would allow an estimated 2.5 million Salvadorans to buy goods or pay for services in U.S. dollars or Bitcoin, El Salvador\u2019s two official currencies as of September 7, 2021.<\/p>\n\n\n\n

The initiative is the brainchild of President Nayib Bukele, a 40-year-old populist whose approval rating of around 90% has emboldened him to reshape the country in his vision.<\/p>\n\n\n\n

Bukele announced late Monday that his government now holds 400 Bitcoins<\/a>, worth nearly $21 million at current trading levels.<\/p>\n\n\n\n

Why make Bitcoin legal tender?<\/strong><\/h2>\n\n\n\n

One-quarter of El Salvador\u2019s GDP comes from remittances\u2014money sent back to the country from people working abroad. Bitcoin could reduce fees on those cross-border transactions. What\u2019s more, it will eventually facilitate the flow of remittances from expatriate workers back to the local economy.<\/p>\n\n\n\n

<\/p>\n\n\n\n

\"Bitcoin<\/figure>\n\n\n\n

The country\u2019s legalization of Bitcoin as legal tender is also an attempt to bring more Salvadorans into the economic fold. For one thing, the majority of Salvadorans don\u2019t have a bank account.<\/p>\n\n\n\n

Join the ANC Trading Community &\u00a0Become a Pro Trader<\/a><\/h5>\n\n\n\n

Still an experiment, could this backfire?<\/strong><\/h2>\n\n\n\n

No one knows yet or what\u2019s coming next. What\u2019s certain, however, is that this is very much still an experiment that could backfire like any other.<\/p>\n\n\n\n

El Salvador has said Bitcoin can\u2019t be used to pay taxes, an eloquent statement as to what the government thinks of this real underlying value.<\/p>\n\n\n\n

Despite all the buzz around cryptocurrency, Bitcoin hasn\u2019t been used as an actual currency at scale before. As a business, it\u2019s important to accept payment in a currency that won\u2019t plummet in value in the future. Bitcoin, however, has proven to be extremely volatile<\/a>.\u00a0<\/p>\n\n\n\n

Because Bitcoin by definition skirts traditional financial institutions that promote stability, the International Monetary Fund (IMF) is concerned that El Salvador\u2019s adoption of the crypto could create serious risks for the country\u2019s economy. As a result, it downgraded El Salvador\u2019s debt further into junk territory.<\/p>\n\n\n\n

The Bitcoin move, according to some critics, is a PR play to distract citizens from President Bukele\u2019s growing despotic tactics<\/a>.\u00a0<\/p>\n\n\n\n

Bottom line<\/strong><\/h2>\n\n\n\n

Bitcoin\u2019s massive volatility poses concerns. While the cryptocurrency recovered after a dramatic crash earlier this year<\/a>, it remains well below its record high of nearly $65,000 set in April.<\/p>\n\n\n\n

However this shakes out (and no one knows how it will), expect a lot of debate on the effectiveness of using Bitcoin as legal tender.\u00a0<\/p>\n\n\n\n

After briefly inching above $52,000, Bitcoin has since regressed back to the $51k range.<\/p>\n\n\n\n

Join the ANC Trading Community &\u00a0Become a Pro Trader<\/a><\/h5>\n","protected":false},"excerpt":{"rendered":"

On Tuesday, the price of Bitcoin briefly rose above $52k on a wave of positive sentiment as the cryptocurrency formally became legal tender in El Salvador.<\/p>\n","protected":false},"author":3,"featured_media":866,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"content-type":"","inline_featured_image":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5,3,10],"tags":[29,96,30,181],"series":[],"ppma_author":[463],"class_list":["post-865","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-investments","category-stock","tag-bitcoin","tag-crypto","tag-cryptocurrency","tag-el-salvador"],"yoast_head":"\nBitcoin Hits $52k as El Salvador Makes the Crypto Legal Tender<\/title>\n<meta name=\"description\" content=\"On Tuesday, the price of Bitcoin briefly rose above $52k on a wave of positive sentiment as the cryptocurrency formally became 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