Bitcoin Upheaval As El Salvador Adopts It

Lots of crypto news surrounding the introduction of the digital currency as legal tender in El Salvador yesterday.

The El Salvador government had to disable Chivo, the official digital wallet, Bitcoin exchanges had transaction delays or cancellations, and U.S. exchange traded cryptocurrency mirror stocks like Coinbase and Microstrategy fell as did the value of Bitcoin, which dropped almost 10%.

In addition, on the Twitter machine, investor Justin Label posited that Bitcoin and Ethereum are elegant proofs-of-concepts that have no current real world use case other than evading the law and speculation.

However, there are increasing stories of real world uses of Bitcoin to, for example, buy a hamburger at McDonalds and helping the masses of “unbanked” people have a safe way to maintain value as Panama introduced a new “Crypto Law” to “to make Panama a country compatible with the blockchain, crypto assets and the internet.”

The counter arguments liken Mr. Label’s assertion to those who, in the late ’80’s thought that there was no use for the Internet.

Only time will tell.

https://www.cnbc.com/2021/09/07/bitcoin-retreats-from-the-highest-level-since-may-as-el-salvador-adopts-it-as-legal-tender.html

Source: https://jeffkoeppel.wordpress.com/2021/09/08/bitcoin-upheaval-as-el-salvador-adopts-it/