Bitcoin is on the way to becoming an official legal tender by the government, even though there have been so many obstacles along the part the El Salvador government will on the 7th of September accept bitcoin as a legal currency within the country, can we say we are in for another long runoff for Bitcoin market.
Yes it's encouraging! Bitcoin has been made legal by only a handful of countries till date so whenever any such news comes in, it reassures your faith in bitcoin. But don't expect a lot of impact in the market. I don't think the current surge in price is anyway linked to this news. El-Salvador is a small country with a population of roughly 6.4 million people. So a lot of unknowns are there.
Today marks the day when bitcoin will become the official currency of El-Salvador and people will start using it from now onwards. So wait and watch the reaction of the commoners.
This news has already made a positive impact on the market some months ago so definitely, it will not make any noise this time. But i am very optimistic that this will be the start for other neighboring countries to start also using bitcoin as a local currency. Let's see how will this come out.
Although its not El Salvador who started to legalize bitcoin but its the first country i guess to start using bitcoin as a legal tender. But i'm not expecting everything will come out smoothly. Of course there might be problems that will arise in its first months but i know it will also be resolve in time since the people are still adjusting to its new adopted currency.