Not everyone in El Salvador is ready for BTC...
Just a quick post today about an interesting article I read the other day. It was talking about El Salvador and the fact that there were some pretty significant protests the other day. Clearly the photo above is not from that, but I needed so something and that was the best I felt Pixabay had to offer.
Anyway, we all are probably pretty familiar by now with the fact that El Salvador is looking into adopting BTC as legal tender inside of the country. In fact, many others in the region are starting to follow suit with Cuba being the most recent one I think.
For most of us, this is pretty exciting news. It shows that this whole crazy Internet money thing is starting to gain traction and weave its way into the very fabric of the global financial system. In many ways it helps to validate what many of us have known for a long time now. It gives us justification, perhaps even redemption.
Remember I said they were protesting though?
It seems that a large number of people (somewhere in the hundreds I think) gathered at the capital to protest the implementation of BTC as legal tender. Sadly, the arguments are all too familiar. Many of the protesters are people who simply don't understand the concept or technology behind digital currency. I imagine others are people protesting simply because if they didn't have something to complain about they would keel over dead.
What really drew me in and got me thinking about all of this were some of the other arguments though. We all know that BTC is pretty volatile in the grand scheme of things. I am sure there are those out there who can point to charts and show that in the grand scheme of things there is a steady growth to BTC. The fact remains that even a 10K swing every couple of weeks is just too big of a jump for some people.
Due to that fact, some of the protesters were arguing that BTC is just too volatile. Their major concern was that El Salvador would start paying pensions, SSI (or whatever it is called there) and other things like that in BTC. Understandably people want a stable income. They want something they can count on and bank on to be consistent. I get that.
We all think it is pretty awesome that some of these professional athletes are getting a portion of their pay in crypto. Let's be honest though, they don't need that money. It's not like they are banking on it to pay their bills. They are set whether they take that portion of their pay in fiat or crypto. The same can't be said for the average joes like us.
Even someone with a loose budget knows getting paid in such an uncertain currency is not a good thing. At least right now. I think in the future that will change, but we aren't quite there yet.
The funny thing is, if you look just a little South to Venezuela, I would imagine many people there would much rather be paid in BTC than the government currency.
I really think this whole thing in El Salvador is a combination of a generational thing, an education thing, and just a general fear of the unknown.
As much as I am into crypto, I'd be shocked if my parents ever got into it. I'd never force it upon them, but if for some reason it did get forced upon them, I will be there to guide them for sure.
Did you see this article or a similar one? What do you think? I noticed there was another news story about El Salvador this morning and the fact that their congress backed a $150 million fund for BTC. It seems they are moving forward no matter what. Hopefully the populace can follow suit and be a shining example to all of the doubters.
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