Though the market has been bearish since Musk Mellonโs tweet and China ban. The good news will eventually catch up with market. El Salvador making BTC legal tender is just tip of the iceberg. This peaked interest in several other nations where their currency is already extremely devalued. In the long term, this adoption is going to start putting buying pressure on BTC, like many other upcoming things which will implicitly pump the price. I have been holding since 2016, and I am all the more bullish now than I have ever been. What do you think? #blockchain #bitcoin #crypto
I am holding but my sphincter is bursting
Oh sweet summer child. It's not about El Salvador. It's about accounting. Now the BTC is recognised as legal tender of a foreign country is can be treated as cash on the books for accounting purposes rather than an asset which means no capital gains tax.
+ this, but only in El Salvador for now. It will take years for US to catchup.
Don't you have to pay Capitol gain taxes on forex trading? How is this different?
I love Bitcoin
A nice anecdote: bitcoin is usually slow and takes 30 minutes. El Salvador uses it through an app called strike. Strike is like swift but uses bitcoin lightning network for transferring money peer-to-peer with 10th of a cent transaction cost. Which makes bitcoin very accessible and attractive in El Salvador as they already accept USD everywhere. So, in reality FIAT is still involved.
4 more years fir the next bull run
and how do you predict that?
its going ๐
El Salvador, crypto innovators
Bitcoin*