This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COEl Salvador's adoption of Bitcoin as legal tender was the biggest news story for crypto in the month of June, but has seemingly been forgotten. The World Bank, IMF, US Government and others have criticized and even denounced the news, stating a number of reasons that they believe the move will be damaging to the country.But not all institutions are pessimistic about the move.Bank Of America, who has been recently moving into the crypto space, outlined 4 potential benefits of El Salvador's Bitcoin strategy in a new research report. They believe that the adoption of BTC as legal tender could massively improve remittances, give citizens more choice, make the country attractive to American firms and miners, and lead the way in digitizing money.Remittances: The transaction cost of remittances makes up 24% of the country’s GDP. BOA recognized Bitcoin as a candidate to solve this problem, boosting the spending power of the citizens and reducing loss to financial intermediaries. Greater Consumer Choice: The ability to make financial decisions from more than one option is an integral part of freedom - this couldn't be more important in the world of money. BOA recognizes that no entity in El Salvador is being forced to use or accept Bitcoin, rather it is an option that sellers/payees have and can exercise at their own free will.Bitcoin Mining and Attracting Business: Embracing this new technology will increase foreign investments coming into the country. These investments will serve as a net positive and can arrive in the form of miners, ATMs, payment providers, and other firms.Financial Digitalization: They touched specifically on what of the most compelling use cases of crypto - the unbanked and underbanked population. From the report: “More than 70% of the adult population of El Salvador does not have a bank account. For that reason, democratizing access to electronic payments, through Bitcoin, has a progressive touch.” With just internet access, the people of El Salvador can store value in a safe place.It is clear that there are reasonable voices that understand the potential power of Bitcoin as legal tender in a sovereign nation. Let's hope that more open minded institutional leaders take a similar approach and allow El Salvador the opportunity to run this experiment without external interference.All eyes should still be on El Salvador.You can read the full note from the President of El Salvador on the BOA report here.I am traveling, so there will be no livestream today!In This Issue:El SalvadorBitcoin Thoughts And AnalysisAltcoin ChartsInfrastructure Bill A Threat To Crypto IndustryEIP-1559 Is Happening This Week!Saudi Aramco Planning To Mine BitcoinMy Recommended Platforms And Tools
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The Wolf Den #298 - El Salvador
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This newsletter is sponsored by PHEMEX, the world's best crypto exchange for both spot and leverage. Sign up with the link above and get some free Bitcoin. I really encourage you to check them out.IF YOU HAVE ANY ISSUE WITH THE NEWSLETTER OR YOUR SUBSCRIPTION, PLEASE CONTACT: PREMIUMSUPPORT@GETREVUE.COEl Salvador's adoption of Bitcoin as legal tender was the biggest news story for crypto in the month of June, but has seemingly been forgotten. The World Bank, IMF, US Government and others have criticized and even denounced the news, stating a number of reasons that they believe the move will be damaging to the country.But not all institutions are pessimistic about the move.Bank Of America, who has been recently moving into the crypto space, outlined 4 potential benefits of El Salvador's Bitcoin strategy in a new research report. They believe that the adoption of BTC as legal tender could massively improve remittances, give citizens more choice, make the country attractive to American firms and miners, and lead the way in digitizing money.Remittances: The transaction cost of remittances makes up 24% of the country’s GDP. BOA recognized Bitcoin as a candidate to solve this problem, boosting the spending power of the citizens and reducing loss to financial intermediaries. Greater Consumer Choice: The ability to make financial decisions from more than one option is an integral part of freedom - this couldn't be more important in the world of money. BOA recognizes that no entity in El Salvador is being forced to use or accept Bitcoin, rather it is an option that sellers/payees have and can exercise at their own free will.Bitcoin Mining and Attracting Business: Embracing this new technology will increase foreign investments coming into the country. These investments will serve as a net positive and can arrive in the form of miners, ATMs, payment providers, and other firms.Financial Digitalization: They touched specifically on what of the most compelling use cases of crypto - the unbanked and underbanked population. From the report: “More than 70% of the adult population of El Salvador does not have a bank account. For that reason, democratizing access to electronic payments, through Bitcoin, has a progressive touch.” With just internet access, the people of El Salvador can store value in a safe place.It is clear that there are reasonable voices that understand the potential power of Bitcoin as legal tender in a sovereign nation. Let's hope that more open minded institutional leaders take a similar approach and allow El Salvador the opportunity to run this experiment without external interference.All eyes should still be on El Salvador.You can read the full note from the President of El Salvador on the BOA report here.I am traveling, so there will be no livestream today!In This Issue:El SalvadorBitcoin Thoughts And AnalysisAltcoin ChartsInfrastructure Bill A Threat To Crypto IndustryEIP-1559 Is Happening This Week!Saudi Aramco Planning To Mine BitcoinMy Recommended Platforms And Tools