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Shortly after the country of El Salvador decided to officially accept Bitcoin as legal tender in the country, the price of a single Bitcoin slipped from $53,000 to $47,000 and now people are wondering what will happen.
According to Fox Business, Brock Pierce, chairman of the Bitcoin Foundation, called El Salvador’s decision a “very big deal” and more countries are bound to follow suit.
“What’s happening here has gotten the attention of other governments,” Pierce stated. He also hinted that believes countries like Panama and Honduras will be next in line to adopt Bitcoin.
Bitcoin critics such as investor Mark Mobius claimed that El Salvador’s decision wasn’t all the powerful. “El Salvador, let’s face it, it’s on its back, it’s got real problems, it’s a bankrupt country so they’re grasping at straws with bitcoin,” Mobius said. “So I don’t think it’s going to spread to other countries. Maybe a few other countries, Cuba, other countries that have financial problems will adopt it.”
Pierce responded by saying, “The status quo isn’t working, so let’s do something different.” Pierce noted that 70% of the country remains unbanked and if Bitcoin does become successful it will greatly change that number within the next year.
— Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021