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El Salvador President Nayib Bukele announced at the Bitcoin 2021 Conference in Miami that the country is in the process of adopting Bitcoin as legal tender.
Bukele Tweeted that “If 1% of [Bitcoin] is invested in El Salvador, that would increase our GDP by 25%.
On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.”
Frank Holmes, CEO of U.S. Global Investors and executive chairman of HIVE Blockchain Technologies, said that the main concern would be the illicit activities being financed by Bitcoin under such a regime.
“I think conceptually, if you’re an idealist, it sounds good. The issues we always have risks with, is a leader like this in El Salvador, is that it’s going to become a domicile for nefarious activity,” Holmes told David Lin, anchor for Kitco news.
0:00 – Miami Bitcoin conference
1:04 – “Bitcoin is a scam” – Donald Trump
2:55 – El Salvador legalizing Bitcoin
6:14 – G7 is a “cartel” – tax hikes for corporations
9:52 – Green energy crypto coins
13:45 – Bitcoin, Ethereum price volatility
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