Post
Topic
Board Bitcoin Discussion
Merits 1 from 1 user
Re: El Salvador has become the first country to make #Bitcoin legal tender! 🇸🇻
by
Fiatless
on 08/07/2023, 04:40:58 UTC
⭐ Merited by JayJuanGee (1)
There are a lot of countries that are way BIGGER than El Salvador that could potentially over-take El Salvador's first mover advantage, because they have incomes that are way higher than the income of El Salvador.. and a country like Mexico could over-take El Salvador - so long as they might be able to make sure that they are mostly focused on bitcoin rather than shitcoins.. and there are a lot of countries that are way BIGGER than El Salvador, including that they have way more natural resources too.. and some of them might be so tied into various dollar (or fiat - including having their own currencies) systems that they are not really ready to recognize and appreciate what bitcoin has to offer them, so in that sense, El Salvador will likely prosper way more relative to those fiat-focused countries.. which will likely include ongoing transfer of wealth from the no coiners and low coiners to to the bitcoiner.. whether those bitcoiners are individuals, institutions or countries.
Most people that are not comfortable with the dominance of the dollar in the global economic space are celebrating the BRICS alliance proposed currency. They assume that the BRICS  currency will compete with the dollar and promote decentralization. But I doubt if this proposed currency will meet their expectations. The most advanced countries in the BRICS alliance such as China, Russia, and India will still use this proposed currency as a manipulation tool on other most influential member states. Fiat is an instrument of operation used by rich countries against poorer ones. This is why most International lending organizations and first-world countries will always discourage developing nations from switching to bitcoin. Some of these developing nations know that they will benefit from Bitcoin but their hands are tied due to external debt and external influence. El Salvador chose to choose to take the risk damning all the consequences and gradually it is becoming clear that the nation made the right decision.