El Salvador is taking Bitcoin very far and all eyes are watching.

It's official...!

El Salvador has already announced through a statement made by the president that Bitcoin is now legal tender in El Salvador. A milestone that will mark the beginning of a new stage in human history, since for the first time a government of a country is using a currency that can not control, but it does not only reach there since El Salvador is expanding its servers to support the goat wallet and today was announced that the government of El Salvador has 400 BTC to continue with the development of adoption plans.

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What will happen to Latin America and the world after this?

As is well known and what history has taught us, when something novel first appears all eyes are watching and waiting for failure or success, but as cryptocurrencies are proven to be a resounding success despite all the fud that is spread, and as @revisesociology told us in a publication about how cryptocurrencies are helping Afghans mitigate the crisis. The project of bitcoin as legal tender in a country has a 90% guaranteed success rate.

As in countries in crisis due to wars, political instability or natural disasters, Central and Latin America are living a prolonged crisis since colonial times, mainly due to mismanagement of resources and the aggravated and blatant corruption. This has caused a lot of inequality and the most vulnerable people are the ones who suffer the most from the consequences.

In Afghanistan there are no banks, people can not withdraw their money and inflation is everywhere, in Latin America the same thing happens, access to a banking system and loans or investments is very difficult and bureaucratic, also as a customer you have many objections when withdrawing your money and very high commissions.

But how do cryptocurrencies solve that? Because there is no need for third parties to control or regulate the economy, people can check and transfer without limits the money they have, they lose the fear of being expropriated by governments, etc... Sure, as far as El Salvador is concerned, the government has plans to regulate and control to some degree the economy with bitcoin, but looking at the big picture in the long run it will only allow people to get more involved with cryptocurrencies and use all that the crypto market has to offer.

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And taking into account all of the above, what can we say regarding the whole region? Well, like dominoes falling one after another, countries will see the superiority of cryptocurrencies and one by one will adopt them to a greater degree, and everything will be extremely incredible and very positive for the whole crypto world.

Think about this, el Salvador is an extremely small country just over 21000 square kilometers and they initially bought 400 bitcoins for government management which is approximately more than $20 million, but el Salvador is a very small country even in the world there are cities larger than el Salvador, so if we look at a larger country like brazil, Argentina or Mexico, if they decided to join this adoption of putting the bitcoin as legal tender how much bitcoin do you think they would need for their governmental management? I imagine a rough estimate would be more than 20K BTC for the first year alone.

And if 400 BTC made a positive difference in the market, how much would 20K or more BTC make? Well, the idea of a $300K Bitcoin does not seem far away, so it is just a matter of waiting to see how governments will react to this new economic trend. But the ball has started to drop and soon there will be a rumble everywhere.

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