El Salvador Opens National Bitcoin Office
The crypto market is down and BTC price moves around 16K, it does not stop anyone who is bullish in crypto. El Salvador is the world's first nation to embrace Bitcoin as a legal tender. This country sets an example of what can be done with cryptocurrency. El Salvador creates a National Bitcoin Office (ONBTC) to facilitate, support, and manage all crypto projects.
While many countries see crypto as a threat to their financial system and declare war behind the scene, El Salvador sees cryptocurrency as a way to strengthen development and financial stability. There are countries where crypto is banned and central banks announce how risky and bad crypto is for the people. They warn people to stay away from transacting any crypto or digital currency.
On the flip side, countries like El Salvador take a different and unique way to embrace crypto and show the world what they are missing out. Recently Japan, India, and the United States are working on launching CBDC and doing different pilot programs.
The central authority talks about investors' protection but they are working to protect themselves and gain more power over the financial system. In the future, you can hold CBDC in your wallet, but you will not be in control. The central authority can do whatever they like.
Technology will not go backward and you have to embrace it or slowly see you are losing. According to El Salvador's president Nayib Bukele tweet, they are buying one Bitcoin every day starting November 18. That's a good strategy to accumulate crypto, especially in this bear market.
El Salvador's new initiative to create National Bitcoin Office (ONBTC) is going to analyze, design, evaluate, and support different projects related to Bitcoin for the development of the country. ONBTC will also work and collaborate with other countries' crypto-related projects for economic growth and development.
It is inspiring to see the development and progress in this bear market. When most people are scared, some people work hard to take advantage of this situation to build and embrace the power of blockchain.
So what do you think? Please feel free to leave your comments. Thank you for reading this post. That's it for now. I'll be back with another post.
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Reference: 1.
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I think their idea of focusing on BTC alone might be a bad idea. After all, I think BTC is more of an asset and it should go up in price. However, there are other cryptos such as Hive with more use cases that can be a solution so only looking at BTC solutions is something that I don't like.
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Even though their focus is on BTC, they also look into other cryptos, I think. People usually first hear about Bitcoin, then they move to others cryptos. It will bring innovation and development to altcoins eventually.
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