{"id":273962,"date":"2021-06-14T12:11:30","date_gmt":"2021-06-14T09:11:30","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-isnt-suitable-as-a-real-currency-el-salvador-is-making-a-mistake\/"},"modified":"2021-06-14T12:11:30","modified_gmt":"2021-06-14T09:11:30","slug":"bitcoin-isnt-suitable-as-a-real-currency-el-salvador-is-making-a-mistake","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-isnt-suitable-as-a-real-currency-el-salvador-is-making-a-mistake\/","title":{"rendered":"#Bitcoin isn\u2019t suitable as a real currency \u2014 El Salvador is making a mistake"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a3c571d2a929\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a3c571d2a929\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-isnt-suitable-as-a-real-currency-el-salvador-is-making-a-mistake\/#What_does_%E2%80%98legal_tender_mean\" >What does \u2018legal tender\u2019 mean?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-isnt-suitable-as-a-real-currency-el-salvador-is-making-a-mistake\/#Highly_volatile\" >Highly volatile<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-isnt-suitable-as-a-real-currency-el-salvador-is-making-a-mistake\/#Increasing_El_Salvadors_GDP\" >Increasing El Salvador\u2019s GDP<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-isnt-suitable-as-a-real-currency-el-salvador-is-making-a-mistake\/#Facilitating_remittances\" >Facilitating remittances<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong>#Bitcoin isn\u2019t suitable as a real currency \u2014 El Salvador is making a mistake<\/strong>&#8221;<\/p>\n<div>Nayib Bukele, president of El Salvador, has got himself a pair of laser eyes \u2013 on his <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a> profile at least.<\/p>\n<p>Laser eyes are something social media users give themselves to show they love cryptocurrency \u2013 and Bukele proved his crypto-enthusiasm last week by having El Salvador become the world\u2019s first nation to make Bitcoin legal tender.<\/p>\n<p>El Salvador\u2019s parliament passed Bukele\u2019s proposed legislation on June 9, after he announced his plan just a few days earlier. The law will take effect in September.<\/p>\n<p>Some Bitcoin fans have leapt on this as a step towards <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.cnbc.com\/2021\/06\/08\/bitcoin-2021-el-salvador-adoption-could-be-huge-for-cryptocurrency.html\">much broader acceptance<\/a>. But the changes in Bitcoin\u2019s market value since Bukele announced his plan gives crypto-sceptics reason for doubt.<\/p>\n<figure class=\"post-image post-mediaBleed aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1356811 js-lazy\" alt=\"\" width=\"454\" height=\"454\" sizes=\"auto, (max-width: 454px) 100vw, 454px\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter.jpeg\" srcset=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter.jpeg 600w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-96x96.jpeg 96w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-210x210.jpeg 210w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-270x270.jpeg 270w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-135x135.jpeg 135w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-192x192.jpeg 192w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-550x550.jpeg 550w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-470x470.jpeg 470w\"\/><figcaption><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/thenextweb.com\/news\/#\" data-url=\"https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Feditorial.thenextweb.com%2Fhardfork%2F2021%2F06%2F14%2Fbitcoin-not-suitable-real-currency-el-salvador-mistake-syndication%2F&amp;via=thenextweb&amp;related=thenextweb&amp;text=Check out this picture on: Nayib Bukele\u2019s Twitter profile image\" data-title=\"Share Nayib Bukele\u2019s Twitter profile image on Twitter\" data-width=\"685\" data-height=\"500\" class=\"post-image-share popitup\" title=\"Share Nayib Bukele\u2019s Twitter profile image on Twitter\"><i class=\"icon icon--inline icon--twitter--dark\"\/><\/a>Nayib Bukele\u2019s Twitter profile image<\/figcaption><noscript><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-1356811\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter.jpeg\" alt=\"\" width=\"454\" height=\"454\" srcset=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter.jpeg 600w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-96x96.jpeg 96w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-210x210.jpeg 210w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-270x270.jpeg 270w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-135x135.jpeg 135w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-192x192.jpeg 192w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-550x550.jpeg 550w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/bukele-twitter-470x470.jpeg 470w\"\/><\/noscript><\/figure>\n<figure class=\"align-right \"><figcaption><span class=\"attribution\"\/><\/figcaption><\/figure>\n<p>Over the past week Bitcoin\u2019s value was as high as US$38,200 (about A$49,000) and as low as US$31,428. Over the past month it has fallen from more than US$58,000. This isn\u2019t the type of price volatility any government <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/general\/\" data-internallinksmanager029f6b8e52c=\"3\" title=\"General\" target=\"_blank\" rel=\"noopener\">general<\/a>ly wants to see in a currency.<\/p>\n<p>Such fluctations show Bitcoin\u2019s weakness as a viable alternative to central bank currencies \u2013 good only for transactions you don\u2019t want traced and as a speculative investment.<\/p>\n<p>So what is Bukele thinking in wanting to make Bitcoin legal tender for the small central American nation (population about 6.5 million) whose economy accounts for less than 0.05% of global GDP?<\/p>\n<h2><span class=\"ez-toc-section\" id=\"What_does_%E2%80%98legal_tender_mean\"><\/span>What does \u2018legal tender\u2019 mean?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Before we get to that, let\u2019s clarify what making Bitcoin legal tender means.<\/p>\n<p>Using Bitcoin is already legal in El Salvador, as it is in most countries. If you want to pay for something in bitcoins, and the recipient is willing to accept them, it\u2019s all good.<\/p>\n<p>Making bitcoins legal tender mean a payee will have to accept them. As the new legislation <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/nayibbukele\/status\/1402446890466217985\/photo\/2\">states<\/a>, \u201cevery economic agent must accept Bitcoin as payment when offered to him by whoever acquires a good or service\u201d.<\/p>\n<p>El Salvador making this move isn\u2019t as significant as it would be for most nations, because it is one of about a dozen countries \u2013 most of them micro-states such as Andorra and Nauru \u2013 without its <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bis.org\/publ\/bppdf\/bispap17c.pdf\">own currency<\/a> (or a common currency such as the Euro).<\/p>\n<p>El Salvador abandoned its own currency (the \u201ccolon\u201d, named after Christopher Columbus) in 2001 and adopted the US dollar as its legal tender. This process of \u201cofficial dollarisation\u201d was seen as a reform that would <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.latimes.com\/archives\/la-xpm-2007-aug-04-fi-dollarize4-story.html\">curb inflation<\/a> and increase trade with the US (by far its major trading partner).<\/p>\n<p>So El Salvador has less to lose than other nations in adopting a second currency as legal tender. There is no controversy about losing sovereignty and monetary policy autonomy. There will be no loss of \u201cseignorage\u201d \u2013 the profit made on issuing currency that\u2019s worth a lot more than the cost of making it.<\/p>\n<p><em>[For a different perspective, read:\u00a0El Salvador is the first to adopt Bitcoin as real money \u2014 which is good <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">news<\/a> for the unbanked]<\/em><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Highly_volatile\"><\/span>Highly volatile<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>But having two legal tenders will complicate matters \u2013 particularly when one of those currencies is subject to wild swings in its value.<\/p>\n<p>Consider the provision in the new law that \u201call obligations in money expressed in USD, existing before the effective date of this law, may be paid in bitcoin\u201d.<\/p>\n<p>Even that is complicated. How, and by whom, will the amount of bitcoins necessary to pay a debt be determined? Will it be based on the Bitcoin price at the time the debt was incurred, or when the debt falls due?<\/p>\n<p>The difference of even a few days could be significant.<\/p>\n<p>If the expectation is the price of Bitcoin is going to rise, why would you want to buy things with it? Why not wait? If the expectation is the price is going to fall, why would you want to accept it? For most transactions, using US dollars will still make the most sense.<\/p>\n<p>So making Bitcoin legal tender could help destabilise El Salvador\u2019s economy.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Increasing_El_Salvadors_GDP\"><\/span>Increasing El Salvador\u2019s GDP<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Things would have been simpler if El Salvador had adopted a \u201cstablecoin\u201d whose price is fixed at one US dollar \u2013 such as Tether, the third-largest cryptocurrency.<\/p>\n<p>But that would have not been nearly so newsworthy, and would have defeated the <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>arent reason Bukele has championed this move.<\/p>\n<p>Bukele\u2019s reasoning, delivered via Twitter on June 6, is that Bitcoin has \u201ca market cap of US$680 billion\u201d and:<\/p>\n<blockquote>\n<p>If 1% of it is invested in El Salvador, that would increase our GDP by 25%.<\/p>\n<\/blockquote>\n<p>This argument \u2013 which appears to be the only \u201canalysis\u201d Bukele has made public \u2013 seems very confused.<\/p>\n<figure class=\"post-image post-mediaBleed aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1356812 js-lazy\" alt=\"\" width=\"600\" height=\"400\" sizes=\"auto, (max-width: 600px) 100vw, 600px\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/screenshot-bukele.png\" srcset=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/screenshot-bukele.png 600w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/screenshot-bukele-280x187.png 280w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/screenshot-bukele-405x270.png 405w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/screenshot-bukele-203x135.png 203w\"\/><figcaption><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/thenextweb.com\/news\/#\" data-url=\"https:\/\/twitter.com\/intent\/tweet?url=https%3A%2F%2Feditorial.thenextweb.com%2Fhardfork%2F2021%2F06%2F14%2Fbitcoin-not-suitable-real-currency-el-salvador-mistake-syndication%2F&amp;via=thenextweb&amp;related=thenextweb&amp;text=Check out this picture on: Bukele explains his Bitcoin plan on Twitter.\" data-title=\"Share Bukele explains his Bitcoin plan on Twitter. on Twitter\" data-width=\"685\" data-height=\"500\" class=\"post-image-share popitup\" title=\"Share Bukele explains his Bitcoin plan on Twitter. on Twitter\"><i class=\"icon icon--inline icon--twitter--dark\"\/><\/a>Bukele explains his Bitcoin plan on Twitter.<\/figcaption><noscript><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-1356812\" src=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/screenshot-bukele.png\" alt=\"\" width=\"600\" height=\"400\" srcset=\"https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/screenshot-bukele.png 600w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/screenshot-bukele-280x187.png 280w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/screenshot-bukele-405x270.png 405w, https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/screenshot-bukele-203x135.png 203w\"\/><\/noscript><\/figure>\n<p>But it is flawed logic to think Bitcoin\u2019s total market value equals money bitcoin owners around the globe are looking to invest anywhere. Market capitalisation typically refers to a listed company\u2019s valuation, based on multiplying the share price by the number of shares. The $US680 billion Bitcoin market cap Bukele referred to represents the currency\u2019s market value multiplied by the number of bitcoins created so far. (For comparison, the market cap of Tether\u2019s 63 billion coins in circulation is US$63 billion.)<\/p>\n<p>In very few cases do people buy bitcoins to invest in other things. Bitcoins are their investment. Neither major funds nor average punters holding bitcoins are likely to want to start investing in El Salvador.<\/p>\n<p>Nor is foreign investment a component of GDP (which is the value of market transactions in an economy). Foreigners using bitcoins to buy assets such as land in El Salvador would bid up its price but not necessarily increase GDP. A surge in foreign investment into new infrastructure and businesess that increase productive capacity would contribute to GDP, but there\u2019s no reason to think giving Bitcoin legal tender status will make this more likely.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Facilitating_remittances\"><\/span>Facilitating remittances<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A second reason given by Bukele is that Bitcoin \u201cwill have 10 million potential new users\u201d and is \u201cthe fastest growing way to transfer 6 billion dollars a year in remittances\u201d.<\/p>\n<p>This apparently refers to both the population of El Salvador (about 6.5 million) and Salvadorans living abroad, many of whom send money home to help their families. In 2020 these remittances totalled US$5.9 billion, or <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/apnews.com\/article\/san-salvador-coronavirus-pandemic-el-salvador-1623416c0ddc7aa238911f8a422b6c8b\">23% of El Salvador\u2019s GDP<\/a>.<\/p>\n<p>While any cryptocurrency can well facilitate more efficient transfers (without the charges banks impose), the significance of remittances to the Salvadoran economy points to another issue. El Salvador is a poor country, with one of the lowest rates of internet use in the Americas \u2013 33% in 2017, according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/data.worldbank.org\/indicator\/IT.NET.USER.ZS?locations=SV\">World Bank data<\/a>.<\/p>\n<p>How many vendors, street hawkers or farmers are equipped to handle cryptocurrency transactions? US dollars will more than likely remain the default currency.<\/p>\n<p>The benefits of making Bitcoin legal tender are far from clear. El Salvador is already facing higher interest rates as international investors are <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.reuters.com\/technology\/el-salvador-presidents-bitcoin-push-casts-shadow-over-imf-efforts-2021-06-07\/\">worried about the move<\/a>. There are concerns wider use of Bitcoin will facilitate the black economy and make tax avoidance easier.<\/p>\n<p>So this is a <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theconversation.com\/bitcoin-el-salvadors-grand-experiment-162382\">great experiment<\/a>.<\/p>\n<p>For the sake of El Salvador\u2019s people, let\u2019s hope it is successful. But the odds are on it being further evidence of the cryptocurrency\u2019s unsuitability for use as a real currency \u2013 confirmation that Bitcoin is nothing more than a speculative gamble.<!-- Below is The Conversation's page counter tag. Please DO NOT REMOVE. --><img loading=\"lazy\" decoding=\"async\" style=\"border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;\" alt=\"The Conversation\" width=\"1\" height=\"1\" class=\"js-lazy\" src=\"https:\/\/counter.theconversation.com\/content\/162348\/count.gif?distributor=republish-lightbox-basic\"\/><!-- End of code. If you don't see any code above, please get new code from the Advanced tab after you click the republish button. The page counter does not collect any personal data. More info: https:\/\/theconversation.com\/republishing-guidelines --><\/p>\n<p><noscript><img loading=\"lazy\" decoding=\"async\" style=\"border: none !important; box-shadow: none !important; margin: 0 !important; max-height: 1px !important; max-width: 1px !important; min-height: 1px !important; min-width: 1px !important; opacity: 0 !important; outline: none !important; padding: 0 !important; text-shadow: none !important;\" src=\"https:\/\/counter.theconversation.com\/content\/162348\/count.gif?distributor=republish-lightbox-basic\" alt=\"The Conversation\" width=\"1\" height=\"1\" class=\"\" srcset=\"\"\/><\/noscript><\/p>\n<p><em>This article by\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theconversation.com\/profiles\/john-hawkins-746285\">John Hawkins<\/a>, Senior Lecturer, Canberra School of Politics, Economics and Society and NATSEM, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theconversation.com\/institutions\/university-of-canberra-865\">University of Canberra<\/a> is republished from <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theconversation.com\">The Conversation<\/a> under a Creative Commons license. Read the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/theconversation.com\/can-bitcoin-become-a-real-currency-heres-whats-wrong-with-el-salvadors-crypto-plan-162348\">original article<\/a>.<\/em><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more like this article, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/technology\/\" target=\"_blank\" rel=\"noopener\">Technology category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/thenextweb.com\/news\/bitcoin-not-suitable-real-currency-el-salvador-mistake-syndication\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Bitcoin isn\u2019t suitable as a real currency \u2014 El Salvador is making a mistake&#8221; Nayib Bukele, president of El Salvador, has got himself a pair of laser eyes \u2013 on his Twitter profile at least. Laser eyes are something social media users give themselves to show they love cryptocurrency \u2013 and Bukele proved his crypto-enthusiasm&#8230;<\/p>\n","protected":false},"author":1,"featured_media":273963,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/img-cdn.tnwcdn.com\/image\/hardfork?filter_last=1&fit=1280,640&url=https:\/\/cdn0.tnwcdn.com\/wp-content\/blogs.dir\/1\/files\/2021\/06\/el-salvador-bitcoin.jpg&signature=93e81e616cd93dca3b23ee0608e53e5a","fifu_image_alt":"","footnotes":""},"categories":[18],"tags":[],"class_list":["post-273962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-technology"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/273962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=273962"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/273962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/273963"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=273962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=273962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=273962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}