{"id":268141,"date":"2021-06-06T22:00:31","date_gmt":"2021-06-06T19:00:31","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/traders-analysts-offer-mixed-reactions-to-el-salvadors-btc-announcement\/"},"modified":"2021-06-06T22:00:31","modified_gmt":"2021-06-06T19:00:31","slug":"traders-analysts-offer-mixed-reactions-to-el-salvadors-btc-announcement","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/traders-analysts-offer-mixed-reactions-to-el-salvadors-btc-announcement\/","title":{"rendered":"# Traders, analysts offer mixed reactions to El Salvador\u2019s BTC announcement"},"content":{"rendered":"<p>&#8220;<strong># Traders, analysts offer mixed reactions to El Salvador\u2019s BTC announcement  <\/strong>&#8221;<br \/>\n<img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDYvNTFjNTc5YmItMDg5Yy00ZjVhLWJmNGEtYTQzMjk0MjQwNjZiLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-5a136f3a>While it was billed as the \u201cone of the biggest announcements in Bitcoin&#8217;s history,\u201d the market seems to be puzzling over the landmark reveal that El Salvador\u2019s sitting President will be submitting legislation to recognize Bitcoin as legal tender.\u00a0<\/p>\n<p>In a presentation at Bitcoin 2021 from Jack Mallers, CEO of Zap \u2014 developers of a previously low-profile Lightning Network wallet <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a> named Strike \u2014 Mallers showed a short video from Salvadorian president Nayib Bukele where the leader of the 104th largest global economy announced the historic legislation. Strike currently has a 3.2 out of 5 star rating on the Google Play store. <\/p>\n<p>\u201cNext week, I will send to Congress a bill that makes Bitcoin legal money,\u201d Bukele said in the video. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Welcome to the future  <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#Bitcoin<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/j30vcZVXvJ\">pic.twitter.com\/j30vcZVXvJ<\/a><\/p>\n<p>\u2014 Nayib Bukele  (@nayibbukele) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nayibbukele\/status\/1401327906178191366?ref_src=twsrc%5Etfw\">June 5, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script>Bukele, who has been characterized as a strongman and an autocrat, consolidated his power last month by firing five judges as well as the country\u2019s attorney <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>. A recent <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Reddit<\/a> thread from a self-professed Salvadorian framed the move as one that will be <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/old.reddit.com\/r\/Bitcoin\/comments\/nt8hi6\/im_from_el_salvador_and_im_here_to_clarify_some\/\">popular<\/a> both with Bukele\u2019s supermajority party, as well as with the general populace.\u00a0<\/p>\n<p>The move has been long-awaited in Bitcoin circles, with some speculating that nation-states would come to accept, transact in, and hold the world&#8217;s largest digital asset as part of treasury reserves. <\/p>\n<p>A Tweet thread from Bitcoin advocate Caitlyn Long noted that it may be a \u201cback door\u201d way for banks to handle and custody BTC:<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">1\/ THREAD ABOUT A HISTORIC DAY in <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\">#bitcoin<\/a>: <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/ElSalvador?src=hash&amp;ref_src=twsrc%5Etfw\">#ElSalvador<\/a> president publicly announced support for legislation to make <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/hashtag\/BTC?src=hash&amp;ref_src=twsrc%5Etfw\">#BTC<\/a> legal tender. *IF* it does become law, it wld have many secondary effects. Steel yourselves bc a big fight on this probably coming tho<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/BrrNxaLzpZ\">https:\/\/t.co\/BrrNxaLzpZ<\/a><\/p>\n<p>\u2014 Caitlin Long  (@CaitlinLong_) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/CaitlinLong_\/status\/1401334421773504517?ref_src=twsrc%5Etfw\">June 6, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While the announcement led to widespread elation at the conference, the market response has been tepid. BTC is effectively flat on a 24 hour basis, and down 3.5% on a 14-day basis.\u00a0<\/p>\n<p>Part of the muted response may be due in part to the exact nature of the announcement being unclear. A self-described hacker on Twitter noted that Strike is not trustless and is censorable, meaning that this implementation of BTC as legal tender won&#8217;t be the anarcho-capitalist utopia some hodlers long for. <\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Tried installing strike, the app that will be used in El Salvador to pay with bitcoin. Looks like it&#8217;s not permissionless and custodial which means they can block your account and funds any time.<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/9wRD5w8DVo\">https:\/\/t.co\/9wRD5w8DVo<\/a> <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/wy6N1nIgp0\">pic.twitter.com\/wy6N1nIgp0<\/a><\/p>\n<p>\u2014 Patrick Aljord (@patcito) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/patcito\/status\/1401459896340471811?ref_src=twsrc%5Etfw\">June 6, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>While it hasn&#8217;t moved markets, Bukele noted in a recent Tweet that the new policy may be an important boon for many Salvadorians, especially the upwards of 70% of the population that does not have a bank account, regardless of the implementation technicalities:<\/p>\n<blockquote><p>\u201cFinancial inclusion is not only a moral imperative, but also a way to grow the country\u2019s economy, providing access to credit, savings, investment and secure transactions.\u201d<\/p><\/blockquote>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. 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