By adopting bitcoin as legal tender and introducing the Lightning Network to citizens across the nation, all three of these problems will be eliminated for those who choose to onboard. Citizens will now have a way to instantly receive remittances for nearly no fee and no worries of violence, thanks to the circular bitcoin economy being implemented in El Salvador.
Since remittances will be able to be received nearly in full and securely, the GDP of El Salvador and the circulating supply of money will increase significantly over time as the adoption of bitcoin occurs. This will increase the wealth and economic opportunity for the people of El Salvador, but there is also another story and opportunity at play here.
For bitcoiners, outsiders, and capital allocators alike, economic opportunity is taking shape. Since the law has passed, the country is less than 90 days away from implementing these changes across the country, and with it comes a flurry of opportunities for those looking to build new businesses or expand existing ones. Bitcoin is an open monetary network--one that anyone can not only join, but also build upon--so it opens the doors to access for every human being worldwide, little by little, similar to the way the Internet has done.
Kin and Carta plc published this content on 24 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 June 2021 19:36:03 UTC.