El Salvador wants Bitcoin as legal tender

The Central American country fires the first shot [Click to view in browser](. Dear subscriber, El Salvador made waves when they announced a plan to make Bitcoin legal tender in the country. While many countries permit Bitcoin transactions, none adopted it as an official currency. Why this matters Bitcoin isn’t backed by an asset, nor any government. Its price is defined entirely by its utility and scarcity. El Salvador could see a major boost. 70% of the population do not have bank accounts or credit cards. 20% of the GDP comes from remittances or money sent home from outside the country. After years of instability, El Salvador replaced its currency with the U.S. dollar back in 2001. Normally, that works just fine. But when the Fed pumped massive amounts of cash into the economy, it pushed up asset prices in the U.S., but not in El Salvador. That left the country poorer on relative terms. While the country doesn’t plan to eliminate the U.S. Dollar as a staple currency, the introduction of Bitcoin could add a needed dose of stability and reduce inflationary pressures. Bitcoin capital of the world? El Salvador’s GDP ranks 115th out of 186 countries per capita on a purchasing power adjusted basis according to the World Bank. Taking the first-mover advantage of Bitcoin adoption could lead to significant investment, similar to Caribbean islands that act as financial banking hotspots. However, the country’s legal and economic instructions remain suspect. Those will need to change in order to drive sustained investments. Our hot take Don’t be surprised if we see more countries vie for the top spot as the cryptocurrency hubs around the world. The potential to set oneself up as the ‘crypto capital’ could mean enormous investments. To find out what other investment alternative stories are hitting the markets, check out our curated content below. [If You Invested $1,000 In Dogecoin, AMC and Gamestop On Jan. 1, Here's How Much You'd Have Now]( Five months are on the books for 2021. Some of the best-performing stocks and investments have been ones pushed by WallStreetBets and seen as potential short squeezes. A cryptocurrency based on a meme has also performed well.[Read More]( [This Crypto Startup Aims To Become 'The Greenest Blockchain' To Fight Rising Environmental Concerns]( Algorand (CRYPTO: ALGO) is focusing on its green credentials and hoping to attract the attention of environmentally-conscious companies, such as Elon Musk's electric car manufacturer Tesla Inc. (NASDAQ:TSLA). [Read More]( [Did you know that there is a Dynamic Duo in trading as well?]( Two markets that for over 20 years have been our top performers to trade with options. [Grab Your Free Download: The Dynamic Duo - One Day Options Trades]( Sponsored [Mega Uranium, North American Construction, at 52-Week High on News]( Glenn Wilkins - Friday, June 4, 2021 Mega Uranium, North American Construction, at 52-Week High on News Mega Uranium Ltd. (T.MGA) hit a new 52-week high of... [Read More]( [Crypto Will Be Put Under the Microscope at June 30 House Hearing]( The House Financial Services Subcommittee on Oversight and Investigations, chaired by Congressman Al Green of Texas, will hold a hearing on June 30 titled: “America on ‘FIRE.’ Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?” [Read More]( [Could this change the way you invest forever?]( Click to learn more about our "All In" buy alert. [Click here to read more.]( Sponsored [The Geopolitics Of Gold]( Authored by Alasdair Macleod via GoldMoney.com, [Read More]( To ensure delivery of all emails, [whitelist us](. You are subscribed to email updates from [InvestingChannel](. To stop receiving these emails, you may [unsubscribe]( now. InvestingChannel, Inc., P.O. Box 118 New York, NY 10018. Disclaimer: This is not investment advice. This InvestingChannel, Inc. newsletter is for information purposes only and opinion-based. Futures, forex, stock, and options trading are not appropriate for all investors. There is a substantial risk of loss associated with trading these markets. Losses can and will occur. No system or methodology has ever been developed that can ensure returns or against losses. No representation or implication is being made that using any of these methodologies or systems will generate returns or ensure against losses. Investors should be cautious about any and all investments and are advised to conduct their own due diligence prior to making any investment decisions. [Link](