One of the most controversial and unexpected moves in the world was the action taken by the president of El Salvador, Nayib Bukele, when he adopted the largest cryptocurrency by market cap, Bitcoin, as legal tender in the country.
At that time bitcoin was around $50,000, something that, over time, has been steadily decreasing due to countless events in the financial market.
Despite all the controversy and regulations surrounding cryptocurrencies and their future, Bukele continues to put all his hope in the technology and how it will bring great benefits to the country.
EVERYTHING TAKES TIME
Bukele's intentions are clear, to attract foreign investment. Because if we inspect further, for the citizens the situation does not change much with respect to their economic situation.
However, for those entrepreneurs who want to start a new startup or fintech related to cryptocurrencies, the Central American country offers many facilities to make this possible. From the extension of taxes to the possibility of receiving bonuses in bitcoin to further promote the development of the company. Is a market that needs to be carefully studied before starting a business that may not end very well.
Despite the fall of bitcoin, the acceptance of the currency in the country remains unwavering, practically all businesses (by law) must receive payments through this technology. Knowing this, it is impossible not to think of all the possibilities that can be generated just by living there. For both companies and immigrants, it is a very tempting situation to take advantage of.
Currently, it has been almost two years since the Bitcoin Law was implemented, and although the cryptocurrency has dropped in price, many believers in the technology know that it is about to turn around very soon. If I were living in a developed country in my last years of life, I would certainly use all my saved money to go live in a place where expenses are lower and a good life can be lived.
El Salvador seems to be one of the best options, even the fact of creating a company there and managing the income so easily seems incredible to me. The only thing stopping me is my current income!
Of course, for those who read me, this is not financial advice nor do I ask you to invest blindly in El Salvador, it has been a considerable time since the bitcoin law was implemented and things have turned out quite well by the looks of it.
What we can agree on is that the growth of this country is going to be unstoppable.