It is official. Bitcoin has officially become the legal tender of an actual country; El Salvador, and the world will never be the same. Perhaps you are concerned that the price of bitcoin took a plunge on the same day of this taking place. But to that, I say that if you weren't expecting that to happen, you really don't know what game is being played right now. It is no longer a game just involving people who are hoping to HODL or trade their way to life-changing money. It has become much more serious. Bitcoin is now a threat to world governments, and also a threat to the entire makeup of the world and how it has run for thousands of years. Governments and banks have always had the power over people. When you control the money, you control the people. There are various ways they can do this. By inflating their own currency they can fund wars, illogical spending, governments can become larger than they're supposed to, banks hold the power. By making the currency worth less, people cannot grow their wealth and remain stuck at their 9 to 5 job.
That famous phrase; "first they laugh at you, then they ignore you, then they fight you, and then you win." We have clearly entered the "fight you" stage. There is a conspiracy theory going around the internet today that I believe is quite possibly true; that the IMF or "high powers" in the world wanted to make a large statement on bitcoin and El Salvador's big day. They wanted to demonstrate to other countries that bitcoin isn't stable, that it cannot be used to run a country on. This was a warning to the rest of the world, and also punishment to El Salvador for ignoring the IMF's warnings.
In fact, the President of El Salvador actually called out the IMF in one of his tweets. Declaring that they took advantage of the dip and bought more bitcoin; while being able to save a million dollars doing so. While this tweet may look quite simple on the outside, that the President was showing that the country bought more BTC even while the price was dipping. There was a hidden meaning here. The real meaning of this tweet was directly to the IMF and other high-powered players in the game. Signaling that El Salvador isn't scared off by the tactics that were be thrown their way, they will continue to be in the game, their resolve is as strong as ever, and they are buying even more. The President could see what was actually happening, and you can be sure that other countries who are in a similar position to El Salvador were taking note.
And this was to be expected. The first country to take this step always knew it would be a very difficult process to do so. They are going against everything and everyone. It will not be easy, but it will be worth it.
Now let's move on to the more exciting aspect of this new era. One of the largest complaints about bitcoin has been that it cannot be used effectively as cash for everyday transactions. As it was too slow and expensive to use. A few years ago the Lightning network, a second-layer for bitcoin, came into development. But there were still many complaints and doubts. They felt there was no adoption, it was too difficult to use, it could never handle the usage that would be needed if bitcoin would go to the heights that we are all expecting. What many people failed to see or realize was just how young the lightning network and also bitcoin are, that it is a software that can be upgraded and will be. They are both very young and still maturing. It is true that three years ago, lightning would not have been ready to handle the payments for an entire country. But now it is. If you were on any bitcoin community today, there were numerous examples of bitcoin and lightning being used at businesses with ease and absolutely no problems. Places like Starbucks, Pizza Hut, McDonald's and the list goes on and on.
While initially this may not seem important for anyone living outside of El Salvador. Let me tell you why it is. These are are major companies that have numerous shops all around the world. If this test goes smoothly, and I think it will. Then they will be ready and easily be able to roll this out to the rest of their shops. There is how it begins. Not only that, but other companies will be watching this play out as well. They will then be able to copy their approach and use it in their own shop. Similar to how Michael Saylor basically made the blue-print for how companies can buy bitcoin and put it on their bottom line. These are the companies that will be pioneering bitcoin lightning payments being used. It is only a matter of time before they bring it to other countries as well.
Always remember this. The high-powered people or organizations already know the direction that the world is heading towards and that is why they are taking the actions that appear to have so much FUD. They are hoping that you will sell your bitcoin, that El Salvador will fumble this huge undertaking and that other countries will be scared away from doing the same thing. It clear as day the direction that the world is heading towards. It isn't the Dollar, EURO or the Yen. It is bitcoin. I just hope that you have done everything possible to accumulate as much as you possibly can, maintain diamond hands, and set your portfolio up to have possibly life-changing gains.
How about you!? What did you think of El Salvador's big day? Did the price drop scare you off? Is your portfolio ready for the bitcoin era to begin?
As always, thank you for reading!
Very interesting about the Lightning network being sort of a "trial run" by major companies. It will be interesting to see where that all goes. As for the BTC dump, nah. Didn't scare me off. While I agree SOME antics may have been behind it, I really think the dump is as simple as one thing.
People took profits on the El Salvador pump.
I am not convinced that the vast majority of people interested in crypto are interested in USING it, but rather are interested in making money FROM it. That may change at some point. So, for that reason, when there is money to be taken off the table and dumped back in their pockets...
People do exactly that. I may be one of those people as we speak.
Does it mean I don't believe crypto has an interesting future? No. I think it does. But right now, because we are talking about something only 12 years old, I want to see what it becomes before I decide that now prematurely. And if I can make some money while I wait and learn and observe?
I am going to do that too.