How Is Bitcoin Impacting The Country of El Salvador, 2 Years Later?
On September 7th of 2021, El Salvador made history by legalizing Bitcoin as national tender. Two years later, this past Thursday, September 7th, 2023, we celebrated the anniversary of this groundbreaking legislation at Palo Verde Sustainable Hotel with government representatives, local businesses, Bitcoin enthusiasts and more. More than 100 people attended the orange party, alongside the Minister of Tourism, Morena Valdez, the Minister of Economy, the Minister of Education and other important players. We were there, with our flag in the ground (aka our real estate banner) to connect with friends, fellow entrepreneurs, locals and more. We were most curious, how Bitcoin has impacted individuals, and the country at large. Here’s what a few attendees had to say:
How has Bitcoin as legal tender impacted your business/operations and the country at large?
“If it wasn’t for Bitcoin, I don’t think we’d be able to be in El Salvador to start with; because, even though I’m Salvadoran Canadian, I don’t have any kind of financial records or background that would help me build and support my business. We moved to El Salvador, after they put into effect the Bitcoin Law.
So, Bitcoin kind of makes it possible to be able to operate here and, to get paid here from anywhere in the world without necessarily having any roots in El Salvador.
And I think before Bitcoin, it was really, really difficult to be able to do something like that: just move to El Salvador and move your business to El Salvador and operate from here. And then on top of that too, it’s giving people a lot of hope because, one thing is, if you’re into Bitcoin usually you understand a lot about what’s going on with the financial system and the political system and most Bitcoiners are really big on freedom.
So, having Bitcoin as legal tender in El Salvador was really a sign that this country believes in freedom and will push forward.”
“Because El Salvador has adopted Bitcoin, it’s become world-famous. People know where El Salvador is; and they recognize it as the leading country in the world. This is attracting people who believe in a sound monetary system; people who believe in a better technology for money. Those people are coming to this country to make a difference.”
“I think El Salvador adopting Bitcoin has shown the world that you can grow as a country outside of the World Bank, Bank of International Settlements, International Monetary Fund System. The old guards, the centralized system feared money. This system has been running for 130 years and it’s over now. El Salvador is an example for the world and it has to be successful so that the world can see how it’s done.”
“To start off, I believe that Bitcoin has undoubtedly had a very positive impact. It has set us in the spotlight of practically the entire world. Eyes have turned to El Salvador, not only among Bitcoin users but also among investors in the stock market, finance and investment world in general.
Making Bitcoin as legal tender, sets El Salvador as a forefront country, both in terms of technology, as well as in terms of financial inclusion because Bitcoin is a tool that empowers any type of person, of any economic level, giving them access to first-generation tools.
I also believe that all these companies that are being created around the Bitcoin ecosystem are generating both employment and demanding for skills or abilities that increase the preparation of Salvadorans. Bitcoin is creating and promoting talent, it is changing the lives of Salvadorans.”
How has Bitcoin impacted your business or personal circumstances? We want to know! Thanks for following along, and we’ll see you next year, for celebration number three!