El Salvador Officially Adopted Bitcoin – What’s Next?
After a few months from the announcement, El Salvador has officially become the first country to adopt Bitcoin as a legal tender. As the country’s president, Nayib Bukele calls it a huge step forward, there are many people criticizing the decision made by the country’s leader, calling it an authoritarian diversion.
Although the President of the country is sure of his decision, it is very much unclear where the step and decision take El Salvador. The decision about the Bitcoin adoption by the country was announced by President Bukele via video message at the 2021 Bitcoin Conference in Miami.
President Nayib Bukele
While there are many critics of the decision, some people believe that it is a positive development for both the country and the digital asset. Some crypto enthusiasts believe that the step taken by the country will end up democratizing money for everyone, just as the internet did for information. As a result of the new law, businesses in the country are now required to accept cryptocurrency payments along with the other official currency of the country, the US dollar.
The president of the country claims that the decision had to be made and it was a correct call. He goes further by saying that it will help the country become less vulnerable to shifts in the dollar’s value.
According to Bukele, Bitcoin adoption will create more financial inclusion for the whole country, saying that 70 percent of the country does not have bank accounts, which, according to him, makes it hard to have access to funds. President Bukele has also said that another thing that the Bitcoin adoption is going to help is the heavy cash transfer fees, which are faced by the citizens of the country when sending money home from abroad.
While Bukele has made some points and there are some experts who agree with what he has to say, there are many others who are very skeptical about everything going on in the country.
Some of those opposing the idea are focusing a lot on the higher volatility associated with Bitcoin and its value. In addition, some experts are also claiming that there won’t be enough people in the country showing interest in cryptocurrency, which might make the decision made by the country’s president not that successful.
On the other hand, some crypto enthusiasts on social media said that they are buying more bitcoin this week, trying to pump the price and encourage Salvadorans to get interested in Bitcoin. While some people are on board, others see bigger problems behind Bukele’s decision.
What are the critics saying?
Some of the biggest critics of the decision are talking about other reasons behind making the decision. Some believe that the decision was made by the president to shift attention from other things he’s doing to crypto adoption to somehow cover up his authoritarian government.
For example, recently, Bukele replaced the country’s Supreme Court with justices more loyal to him, which has raised numerous questions. In addition, on Sunday, the newly established county made a decision to override the constitution of El Salvador by giving Bukele the ability to run for a second consecutive term in the 2024 elections.
The move was criticized by numerous people around the world, including US officials. Starting from this week, Salvadorans are already able to use a Bitcoin app called Chivo to exchange their dollars for cryptos. However, what impact it will have on the country is still very hard to tell. As much as President Bukele is excited about his decision, many people in the country oppose it, which can be seen in rallies the country saw over the past week.
Increasing crypto popularity & automated trading
Although it is still hard to tell what the final outcome of El Salvador’s decision will be, it can be viewed as another sign of crypto popularity around the world. More than ever before, crypto trading has become accessible for everyone globally.
One thing playing a huge role in this development is the creation of crypto exchanges, that let you trade crypto in a matter of minutes. In addition, there are numerous companies around the world that have created crypto trading programs that are capable of analyzing the market for investors in a matter of minutes.
Called crypto trading robots, these software pieces are very popular in the market. They can analyze huge market data in a very short time, and it can be quite helpful for crypto traders around the world. But, this is not all.
Some of the best crypto trading bots in the market are also able to buy and sell cryptocurrencies, which means that traders now can simply turn on their trading robot, sit back, and wait for profits to be made for them.
The development and popularization of crypto trading robots are especially important for those who want to invest in crypto trading but do not have enough time to do so. Thanks to the crypto bots, you can go on with your day while the robot invests in the market for you.
While analyzing the market on your own could take you a few hours, the crypto trading robots are able to do that in a much shorter time. As crypto trading becomes more accessible for everyone, it is no surprise that it is becoming widely popular.
For many years, the crypto trading market had been waiting and anticipating mainstream popularity. The steps taken by El Salvador and other countries in further adoption of digital coins makes crypto trading more popular than ever before.
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