El Salvador rejects Bitcoin as a legal tender.
Demonstrators in El Salvador went to the streets on El Salvador’s bicentennial to protest the acceptance of Bitcoin as legal money and recent attempts by President Nayib Bukele to strengthen his position in the country’s top office.
“No to dictatorship” and “Bitcoin cheated us” were two slogans carried by thousands of demonstrators as they marched through the capital city of San Salvador. But one gang broke windows and lit a Bitcoin ATM kiosk on fire before the cryptocurrency’s legal tender launch last month, causing only minor damage.
It was announced last week that El Salvador had embraced Bitcoin, and the administration has proposed more than 200 constitutional amendments, including lifting a restriction on presidential re-elections.
“Bitcoin was a very big economic decision, and it was done totally illogically, sent to congress and passed the same day,” opposition lawmaker Claudia Ortiz said in an interview, adding it was unclear who was behind the vandalism. “We are going through a profound fiscal crisis with the high cost of living and unemployment and the government’s response, instead of serious economic policy, is to adopt Bitcoin as legal tender.”
Another Week and Another latest development on the Crypto Market, it becoming more unpredictable to predict the future of Bitcoin.
Many embrace BTC but many also defy it.
BTC as a legal tender has numerous advantages, but it also has many disadvantages. Some believe that if the BTC network is ever hacked, its value will be zero, but that’s a story for another day.
What do you think is the future of BTC as a Legal Tender?
