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.
Alas! Bitcoin has been officially accepted as legal tender now in El Salvador. They managed to push through with their initial plan which is to implement it by now and that means success on their end. However, you must know that El Salvador isn't really a well-developed and powerful country unlike that of the US and China which means it will not really have an effect on the market trend. Unlike when such a brave move comes from the developed countries, you will see a positive correlation in an instant and vice-versa. Although this is still a good thing to celebrate - bitcoin is being slowly adopted by the countries which means we're taking a positive path right there. Hopefully, there would be more countries to follow such initiatives made.