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Two Latin American Countries Are Adopting Bitcoin as a Legal Tender
After the golden year of cryptocurrencies, people predict what will happen to cryptocurrencies this year. Bitcoin Maximalists, investors, and supporters are making positive comments about the functionality and performance of this cryptocurrency this year.
Bitcoin Maximalists are very optimistic that Bitcoin is about to break the barrier of $100k this year. Then, in 2021, bitcoin made it to the headline every day. Still, one incident that shocked everyone was El Salvador’s decision to make this digital currency an integral part of their country’s financial structure. To start your trading journey, you must invest in a reliable trading platform like Immediate Edge app
Nayib Bukele, the president of a Latin American country, El Salvador, has tweeted that two more Latin American countries will turn Bitcoin into their national currency. Below is a detailed overview of Nayib Bukele on adopting a legal tender in two more countries.
Nayib Bukele follows Bitcoin Maximalism ideology as he publicly supports this virtual coin. Since bitcoin is the major party in this country’s economy, he cannot afford bitcoin’s market value slump at this time. At the beginning of 2022, Nayib Bukele made six predictions regarding the future of Bitcoin, and most of these predictions seem to be very accurate. Let’s find out the six predictions of Nayib Bukele in detail.
The original prediction of this politician is that Bitcoin will break the barrier of $ 100k this year. Undeniably bitcoin is struggling, but considering this digital coin’s massive mass adoption, the 100k dollar milestone is not impossible. Bitcoin almost touched $70 K by the end of the previous year.
Announcement Regarding Countries Accepting Bitcoin as a Legal Tender
The second announcement of this politician was that two more Latin American countries would make this cryptocurrency a national currency. So, in short, bitcoin is not merely part of the significant economy of El Salvador as two other contenders are about to join this list.
The third announcement of Nayib Bukele stated that BTC would be considered a massive electrical challenge in the elections of the United States. This announcement seems to be true so far.
The fourth prediction made by El Salvadoran’s president is that the government will begin the construction of a dedicated Bitcoin city this year. Bitcoin City will be structured to target foreign investors to invest in this country as the region will be devoid of taxation. Moreover, Bitcoin City will be utterly appropriate for mining as the government is figuring out ways to power the entire city with geothermal energy, including the mining plants. In short, this Bitcoin city will be equipped with no emissions.
The last prediction made by Nayib Bukele was the issuance of bitcoin bonds. Bitcoin bonds will fund the construction of a Bitcoin city in El Salvador. According to soft commitments, the country has already acquired $300 million in Bitcoin bonds. However, the total invested amount in bitcoin bonds is zero as the country has not issued.
According to recent reports, bitcoin bonds will be on the Liquid platform in March 2022. The total budget of bitcoin bonds is $1 billion, and there are many benefits of investing money in these bitcoin bonds. However, as per the reports, only Salvadorans can invest money in these Bitcoin bonds.
Which Countries will accept Bitcoin as legal tender?
After the predictions made by Nayib Bukele, people are now curious about the countries that will accept Bitcoin as a legal tender. As per reports, Costa Rica is equally active in the cryptocurrency marketplace as in El Salvador. In Costa Rica, businesses and enterprises can pay their workers in cryptocurrencies.
The central banks might be unhappy with the decision. Still, if El Salvador continues to do well after the Bitcoin decision as a legal tender, Costa Rica might also make Bitcoin a legal tender. In the Caribbean and Latin America, digital currencies are serving the purpose of mitigating the dominance of fiat currencies that are highly inflated. Costa Rica is also very eco-friendly regarding mining progression, as hydro plants for the mining business are easily accessible.
The above-listed portion demonstrates each prediction of Nayib Bukele.
Conclusion – Latin American Countries Are About to Adopt Bitcoin
Bitcoin is the advanced currency that every other country is trying to adopt including Latin America. Recently they have shown a significant augmentation in the use of cryptocurrency. Hence, it is declared that people will find the frequent usage of the Bitcoin in Latin America as a emporium of value and means of exchange in the coming days.
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