Bitcoin adoption really flew off the charts when the news about El Salvador incorporating Bitcoin into its legal, financial framework broke out, the only country in the world that has completely accepted and adopted Bitcoin into every financial walk of life. However, this decision of the government was soon met with contempt, especially from the World Bank and other financial institutions that thought if El Salvador might have jumped on the trigger a little too rashly.
The country didn’t receive any sort of support in the incorporation of Bitcoin into its financial framework whatsoever, and it was predicted that the financial attribute of the country would soon be in ruins; well, two months later, the government is doing alright for itself and still present. Bank of America has recently published a report in which the investment giant has potentially pointed towards some of the critical opportunities that Bitcoin can offer to El Salvador.
One of the clear benefits of Bitcoin adoption could lead the country to seriously lower the remittance costs; this is something that will seriously increase the disposable income of the people of El Salvador.
With Bitcoin adoption, El Salvador is basically trying to work with a financial entity that can’t be centralized, and yet it is being manifested into centralized finance, which is nothing less of a marvel in itself. More than 70% of the people in El Salvador don’t have access to a conventional bank account, but Bitcoin is available to all and serves their banking needs in a more orderly fashion which is yet another plus point for the country around the Bitcoin adoption.
If the country, however, tries to manifest its interest and capital into Bitcoin mining, it will tempt many foreign direct investment opportunities to flow within the country. The country will become the hub for Bitcoin mining and investment, it is not a simple prediction, but it can happen if some serious attention is directed towards this corner.