• El Salvador and Texas have announced plans to create a “bitcoin embassy” as a means of promoting use and increasing adoption.
• In late 2021, El Salvador became the first country to make bitcoin legal tender, although the move was met with skepticism from some entities.
• The partnership between El Salvador and Texas makes sense given both regions took part in more than $1.2 trillion worth of commercial transactions last year.
El Salvador Makes Bitcoin Legal Tender
In late 2021, El Salvador made headlines when it announced plans to make BTC legal tender, becoming the first country to do so. This meant people could purchase goods and services with bitcoin they way they would with USD, the fiat currency that El Salvador had long been dependent on. Despite this decision being widely praised by those who believe in cryptocurrency, it was met with skepticism from some entities including the World Bank.
Riots in El Salvador
Upon bitcoin’s implementation as a digital form of payment, many residents of El Salvador took to the streets of their capital city to riot and protest the decision made by Nayib Bukele, their president. Allegedly, they were fine using USD and wanted no part in what they felt was an asset tied to criminality and illicit transactions. Nevertheless, those in charge have refused to turn their backs on bitcoin and listen to the haters.
El Salvador-Texas Partnership
The bitcoin-loving nation of El Salvador has recently announced a new partnership with the state of Texas: together they are planning to open what they’re calling a „bitcoin embassy“ as a means of promoting use and increasing adoption. Milena Mayorga – El Salvador’s ambassador to the U.S – expressed her enthusiasm for this venture via tweet mid-February 2021: “The state of Texas, our new ally.“ It’s evident that both regions have a strong bond that cannot be broken and will likely only be enhanced through a mutual love of bitcoin and crypto.
Bitcoin Transactions Boom
The partnership makes sense given both Texas and El Salvador took part in more than $1.2 trillion worth of commercial transactions last year alone – making it clear that both regions benefit greatly from each other economically speaking. With such an impressive figure at stake for both parties involved, there is little doubt that this venture will only serve to bring further attention (and thus price hikes) for bitcoin – something which will arguably serve both states well in terms of economic gain moving forward into 2023/2024..
Conclusion
It looks like there’s no turning back for either party involved now; if all goes according plan then we can expect great things coming out from this joint venture between two powerful regions: namely increased adoption for BTC alongside further economic stability for both states as we move towards 2024/2025!