Sept. 7, 2021: Today We Are All Bitcoiners 🇸🇻🌋
Despite its flaws, the entire crypto community should celebrate El Salvador's adoption.
Holding contradictory opinions is about as popular as buying a used mattress…so let’s go ahead and get the mob all fired up.
The official adoption of Bitcoin as a national currency is an amazing thing.
The means of forcing adoption are, at best, questionable.
In time, all the grumbling about the means will be forgotten and only the ends will be remembered. So let’s keep in mind what unites us. Today a few million humans have earned the freedom to purchase disgusting food off the Satoshi meal menu.
It’s an apropos battleground, given the certain influx of former crypto millionaires into McJobs following today’s crypto crash.
The means to get here were certainly coarse. Bukele’s personal popularity has not rubbed off onto his Bitcoin decree. Polling allegedly show two thirds of citizens are opposed to the plan. Protests have allegedly broken out against the move.
From thousands of miles away do I have any capability of judging the veracity of these claims? Absolutely not.
I do know I’d oppose the detainment of protest organizers by police without an arrest warrant if it happened near me. Having seen so many local small businesses crushed by government impositions lately, I’d also probably be opposed to sanctions levied against non-compliant businesses. My knee-jerk skepticism against governments collecting so many face scans their image capture servers are melting might even terrify me away from the free $30 being offered.
So the adoption of Bitcoin came with a lot of questionable overreach which I’d gripe about endlessly if it occurred locally. Yet it was inevitable that the first country to accept crypto would face rough headwinds. It may have been impossible to break through barriers without an autocratic personality pushing through resistance.
In a more democratic process, you’d have too many paper hands scared off by global backlash.
Reuters @ReutersCentral American officials land on list as part of U.S. corruption crackdown https://t.co/cm05o30Tzm https://t.co/Fp2U8lGSMY
In their role as courier, it’s interesting to see NPR’s usual obsession with fact-checking fail to extend to spelling Nayib Bukele’s name correctly.
Popeye also planned a bull campaign to coincide with the event, which looks to have been a losing proposition in the short term.
I’m not a trader so I don’t ever place positions except long-term HODL, but even as a non-trader, I look at this this and immediately feel it looks like the world’s most obvious time to open a short position… would be interesting to hear from any other traders who also thought this and pocketed some profit.
Long term bitcoiners of course know that assets with no volatility have no gains.
However rocky the road to get here, the news that Bitcoin has broken through to official currency status ultimately should be celebrated by the entire cryptocurrency community. Every coinholder, even those who long ago left BTC for ETH or other coins, has to acknowledge that one country successfully adopting cryptocurrency makes it so much easier for other countries to take similar steps.
Indeed, we already see signs Panama is acknowledging Bitcoin and Ethereum for payment methods.
It’s a reminder of how far the community has come, and how far we have yet to go. With many tougher wars yet to come, today let’s put aside our cynicism and tribalism and celebrate this milestone for the achievement it is. Today we are all Bitcoiners.
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