- The crypto market seems confused about El Salvador’s Bitcoin announcement.
- Due to this, the crypto market is still silent to respond.
El Salvador’s President Nayib Bukele recently disclosed that he would send a bill to the nation’s Congress to make Bitcoin (BTC) legal money. The news was said to be “one of the biggest announcements in Bitcoin’s history”.
Strike CEO Jack Mallers revealed Bukele’s decision on BTC in a short video at an online presentation at Bitcoin 2021. In the video, Bukele said, “Next week, I will send to Congress a bill that makes Bitcoin legal money”.
Due to the nature of Bukele’s BTC news, the entire crypto market seems confused. They are also confused about Bukele’s intention to send a bill to start accepting Bitcoin as legal tender.
Also, others are confused on how some gave the announcement from the Lightning Wallet developer.
Regardless of the crypto market reaction toward Bukele’s announcement, there are speculations that El Salvador will soon accept, transac, and hold Bitcoin as part of its treasury reserves.
In support of Bukele’s BTC decision, Bitcoin advocate Caitlin Long also expressed her view in a tweet. Of note, Long specifically said that Bukele’s Bitcoin decision could be a “back door” to rekindle the interest of banks to handle and custody BTC.
Moreover, Bukele later mentioned that its Bitcoin implementation will exist to help about 70% of its citizens who do not own a bank account.
Financial inclusion is not only a moral imperative but also a way to grow the country’s economy, providing access to credit, savings, investment, and secure transactions.
Despite the crypto market silence, El Salvador’s BTC decision brought much excitement to the conference. Yet, the crypto market is still silent to respond. As per the report, the crypto market’s silence could be due to how El Salvador’s BTC update looks unclear.