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BTC celebrates one year in El Salvador

Crypto, Bitcoin
Published 1 year ago
ID #1867
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BTC celebrates one year in El Salvador
Crypto, Bitcoin,
Published 1 year ago

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Now that rates are rising to levels not seen in decades. This is happening in Chile, Mexico, Colombia and other Latin American countries.

The world recession has had a considerable impact on these economies, which used to have certain levels of stability.

The inhabitants of Latin American countries have continued in a constant and stealthy fight against a galloping dollar that weakens the currencies of each nation.

Inflation in the world is increasing and El Salvador does not escape this reality, while its government continues to bet on bitcoin as an alternative to stay afloat, although that is only a strategy that seems to work in the long term.

In the Central American country, inflation rose, reaching 7.66% in August, two tenths more than in July when it stood at 7.42%, according to data from the nation's central bank.

It has had an impact, above all, on the food and non alcoholic beverages sector in the Consumer Price Index - CPI. So far, the accumulated inflation in 2022 is 5.5%.

El Salvador is apparently infected by other economies, such as that of the United States, whose inflation has risen to levels not seen in 40 years, or that of Europe, which also increased during August.

Bitcoin continues to offer no refuge to salvadorans, given that the cryptocurrency has suffered a 70.5% depreciation from its all-time high of almost USD 68,000 reached in November 2021.

The entry into force of the Bitcoin Law in El Salvador on September 7 seems like a good time to reflect on what is at stake with the experiment that is underway in the Central American country.

From September 7, 2021, residents of El Salvador can choose to live under a bitcoin standard.

Salvadorans have more options to move their economy, more possibilities to attract foreign investment and greater financial freedom.

In Salvadoran territory, access to electronic payments through bitcoin is being democratized.

Bitcoin is available for financial freedom to everyone in the world.

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