To be honest, El Salvador's announcement of Bitcoin as a fiat has no effect except for the residents of their country. In terms of price, the price of Bitcoin still fluctuates between US$30,000 and US$40,000, which is not even as big as Musk's Twitter. For miners, mines are more inclined to be established in places with a stable political environment, and El Salvador obviously does not meet the conditions. For this reason, El Salvador will not occupy a high hash rate.

However, El Salvador is a symbol, and Bitcoin can be used as a symbol of fiat. This is an important step in the development of Bitcoin, but it will not affect Bitcoin's position in today's world.