The crypto space and the broader economic community continue to praise El Salvador's historic move to recognize Bitcoin as legal tender. The Central American country became the first in the world to do so, and the move also spurred a handful of other Central and South American countries to begin taking steps toward the same eventuality.

Not surprisingly, the move caused a sensation in the cryptocurrency community, with Bitcoin (BTC) advocates, in particular, highlighting the importance of the legislative change in driving cryptocurrency adoption. There are some critics who highlighted the potential coercive nuances of the law, which has added intrigue to the situation, but the overall response has been positive.