El Salvador, a golden (digital) country? – It’s done. A few hours ago, El Salvador became the first country in the world to recognize Bitcoin as a legal tender, and in the process, the first sovereign nation to acquire Bitcoins with the perfectly official aim of strengthening its growth, and securing its future. This historic event was coordinated in total secrecy, almost by surprise, and took place under the stunned gaze of the IMF and all the world’s financial regulators, as well as the proud (and sometimes disbelieving) eyes of bitcoiners around the world.
200 bitcoins for a historic day
It’s a suspended moment, a unique moment of convergence, between libertarian cypherpunk fantasy and geopolitical black swan, and qualifiers can sometimes be lacking as the event is as historic as it is somewhat surreal. Indeed, on September 7, 2021, a date that will now go down in crypto-currency history, an independent nation gave Bitcoin one of the last statuses that was still missing from its record since its appearance 12 years ago: that of a country’s legal tender, on par with the dollar.
And it is, as is often the case in recent months, through the voice of its chief communicator and current president Nayib Bukele that the announcements follow one another and mark the start of a week in which the occurrences of “Bitcoin” and “El Salvador” will invade newsrooms around the world and saturate the newsfeeds.
And President Bukele, after having taken the world by surprise by announcing a few weeks ago El Salvador’s upcoming “bitcoinization”And President Bukele, after having taken the world by surprise by announcing a few weeks ago that he wanted to make his country a home of ecological bitcoin mining, before unveiling the distribution to all his fellow citizens by airdrop of $30 in bitcoins on the national payment application Chivo, has just struck another blow by announcing that the small Central American nation had just acquired its first 200 bitcoins.
“El Salvador just bought its first 200 bitcoins. Our brokers will buy many more as the deadline approaches. “
President of El Salvador Nayib Bukele
A Blitzkrieg-like strategy, as the Salvadoran strongman knew that such moves could only succeed by hitting hard and fast, leaving the US, UN or IMF with nothing but good
This acquisition of 200 units of bitcoins (for an approximate sum of 10.5 million dollars at the current rate) is part of the willingness of El Salvador to devote 150 million to the constitution of a fund allowing both conversions with the dollar, and the possibility of making BTC available to the population that would request it.
The use of bitcoin by Salvadorans will remain optional and will only offer an additional freedom to the population. The latter will be able, if it wishes, to continue to use the US dollar (El Salvador gave up its national currency in 2001, due to galloping inflation, preferring the American currency).
Despite its relative youth, the history of Bitcoin already has its share of symbolic dates and various commemorations (think of “Bitcoin Pizza Day”)
. So it didn’t take long for initiatives to emerge to celebrate this historic day with dignity.
Michael Taylor, the boss of Microstrategy, the largest private economic actor holding bitcoins to date, was quick to give echo to a strong initiative: that on this September 7, everyone should buy $30 worth of bitcoins by the means of their choice, thus echoing the amount distributed to each citizen of El Salvador.
If by any chance you want to participate in this international initiative, you should know that the initiative is coordinated across the world and its different time zones
should buy your precious satoshi at 6pm, French time, if you want to participate in this moment of community concord
<img src=”https://yellowrocketagency.com/wp-content/uploads/2021/09/img_6137dac792c97..jpg” alt=”Bitcoin Day” on September 7, 2021, buy $30 worth of Bitcoins” />
The future is not written, and there is no doubt that the fightback is already being feverishly organized in padded offices from Washington to Davos. Indeed, for a certain established order, the “Bitcoin threat” has never been so concrete.
Indeed – and whether or not one is an aficionado of Nakamoto’s creation
– it is impossible to deny Bitcoin’s exponential organic growth. A growth that has seen it go from being a computer experiment between a handful of geek-developers to a state-owned currency in less than 5000 days. So, even if the Salvadoran initiative fails, Bitcoin has already succeeded, and that’s what the history books will remember.
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