Bitcoin is quite volatile but if you look at the yearly lows a pattern does emerge.
Posted on 06/09/2021 12:08:55 AM PDT by Enlightened1
El Salvador has become the first country to adopt bitcoin as legal tender.
Lawmakers in the Central American country’s Congress voted by a “supermajority” in favor of the Bitcoin Law, receiving 62 out of 84 of the legislature’s vote.
Earlier on Wednesday, President Nayib Bukele sent the law to to the country’s Congress for a vote.
“The purpose of this law is to regulate bitcoin as unrestricted legal tender with liberating power, unlimited in any transaction, and to any title that public or private natural or legal persons require carrying out,” the law reads.
Prices can now be shown in bitcoin, tax contributions can be paid with the digital currency, and exchanges in bitcoin will not be subject to capital gains tax.
(Excerpt) Read more at cnbc.com ...
Maybe.
Maybe.
Certainly
Countries looking at it.
Paraguay, Panama and Brazil.
Rumors are
Mexico, Argentina, Ethiopia, Nigeria and Russia.
Good move. What could possible go wrong?
Maybe.
Maybe.
:)
Like Ecuador and the rest of those countries mentined don’t already have enough revenue issues.
Haha!
Yeah like your currency eventually becoming worthless.
If they could shutdown Bitcoin, then it would have already happened.
I don’t know how Regulators in the U.S. expect to regulate a currency they do not control that is used world wide?
I’m maybe guessing, you are hoping it will go back up?
:)
According to Barron’s....”Contrary to the cries of doom and gloom, the lesson drawn from the 1997 Asian financial crisis, the 2008-09 financial crisis, and last year’s pandemic experience is that, when looking into the proverbial abyss, everyone wants dollars.... A Bank of International Settlements study of dollar-funding of non-U.S. banks concluded that the dominance of the dollar in international finance and the attendant policy issues are likely to endure.
The primary reason that crypto/Bitcoin is even thought of as money is because it says it is, ‘not because of its use’..... Its rival, as Fed Chair Jerome Powell noted, is with other non-interest-bearing assets like gold, not the dollar.
For all of its flaws, the greenback remains the most important invoicing and vehicle currency..There is simply no compelling alternative.
Ecuador currency is pegged to the dollar.
Bitcoin is quite volatile but if you look at the yearly lows a pattern does emerge.
Bitcoin can be hit with ransomware - yes?
Hookers and Blow! No one will know!
Crime syndicates approve.
Our current financial system is broken.
It’s actually been broken since 2008 crisis. This is why they have had bail out after bail out after bail out. First known as TARP, then QE I, QE II and QE III, etc...
I do not want to see my hard earned dollars inflated to infinity.
Exactly
Hey you forgot the Lambos. Although they are not illegal.
Very little of Bitcoin is actually used for crime is less than 1% (see links below). That’s central bank nonsense. They are just mad because they do not control it.
The dollar on as you know has a large and long history of illeagal crime, but we do not ban it? Ditto with other currencies and even assets.
Bottom line is this. Anything can be used for good or bad. For instance, cars have been used in crimes. Do we ban them because some people use them in crime?
and
https://cryptoforinnovation.org/resources/Analysis_of_Bitcoin_in_Illicit_Finance.pdf
I was reading that Panama and at least one other CA country would follow.
Since these countries use the US dollar….expect them to be invaded and overthrown soon. Lol.
No. The block chain—doing transactions since 2009– has never been hacked.
There is a lot of misinformation out there about Bitcoin, the block chain, and what different cryptos actually do.
I know Wyoming, Florida and Texas have really opened up to crypto.
The Feds hate it because they cannot control it.
Exchanges have been hacked where people left their coins.
People not being careful with their private keys have got them in trouble too.
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