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Crypto News Updates

Which Nation Will Follow El Salvador's Lead?

With the nation state game theory playing out in front of us, it is interesting to speculate on who may be next.

El Salvador’s bold and groundbreaking move to declare bitcoin legal tender on June 8, 2021 has caught the attention of the world and the imagination of their Latin American neighbors.

As the 14th most populated country in Latin America and with a past filled with decades of corrupt leadership and violence, it is unlikely that El Salvador has been the object of envy for any Latin American countries in the past 30 years. However, that has suddenly changed with the success and innovation of their Ley Bitcoin (Bitcoin Law). The refreshing open mindedness of El Salvador’s President Nayib Bukele combined with the hard work and huge hearts of Mike Peterson (Bitcoin Beach), Jack Mallers (Strike) and Miles Suter (Square Crypto) has created some much needed hope for not only his people, but for millions in other Spanish-speaking nations.

In the wake of El Salvador’s historic bill, politicians from eight Latin American countries have publicly expressed their desire to pass similar laws in their respective countries. These policy makers are eager to act now for the benefit of their people and fearful that inaction will leave them behind in a world unkind to countries with slow-moving governments. One of the deciding factors of a nation’s world standing is the soundness of their money. Bitcoin, which is showing itself to be the soundest money in existence, will unlock countless benefits for the countries who become its earliest adopters on this scale. However, it remains to be seen which countries will benefit from joining El Salvador as the next nation to pass a bill recognizing bitcoin as legal tender.

Panama is one of these prospective countries and is being led by the efforts of congressman Gabriel Silva. To create support for this effort, he started a Telegram chat room to hear directly from his constituents about their thoughts on the following questions regarding El Salvador’s Bitcoin Law:

  1. What did it do well?
  2. What is it missing?
  3. What applies to Panama?
  4. What does not apply?
  5. What should be changed?

In the 5 days since opening this chat room, over 1,000 messages have poured in from 330 members with various thoughts on the best way to proceed on Panama’s behalf. The main debate that has emerged is whether the prospective bill should only recognize bitcoin as legal tender or if it should be wider in scope and legalize the use of other cryptocurrencies as money. The negative implications of the latter argument are too numerous to list here. This case study is a microcosm of the conversations that are likely taking place behind closed doors in the government offices of the other nations mentioned above.

It is important to note that the El Salvador Bitcoin Law is not merely favorable legislation regarding bitcoin, but rather a clear message that bitcoin is the only cryptocurrency worth integrating into the economy as money. Any law that is watered down by elevating other cryptos as equal to bitcoin will not have the desired effect due to their inherent lack of fundamental soundness and integrity as money. One can only hope that these countries consult El Salvador for guidance in crafting a bill that has the same conviction of their Ley Bitcoin. Imitation in this case is not flattery, but rather it is essential for the benefit of their people.

Latin American countries are not the only ones feeling pressure to move forward with bitcoin legislation. NFL offensive lineman, Russell Okung, published a compelling open letter to the president of Nigeria yesterday imploring him to adopt a bitcoin standard. The list of nations being urged to adopt bitcoin as legal tender by influential voices is growing by the day and it is only a matter of time before another country becomes the second to do so after El Salvador.

This is a guest post by Josh Doña. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

Source: Bitcoin magazine

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Crypto News Updates

Five Reasons Bitcoin’s Number Go Up Technology Works

Despite the dip, these five factors have continued their contribution to bitcoin’s rising price.

Does Bitcoin’s Number Go Up (NGU) Technology Still Work?

If this question has entered your mind in the past several months, read on to learn why the evidence for number go up (NGU) is stronger than ever. While the past two and a half months may have led some to fear, uncertainty and doubt (FUD), Bitcoin is doing just fine and NGU isn’t going anywhere.

For anyone who has recently become aware of their bondage to the fiat financial system, taking Bitcoin’s orange pill has undoubtedly been enlightening and exhilarating. However, the legend of its past success may seem too good to be true based on the last two and a half months of consolidation, especially for newly minted Bitcoiners. Add in the noise coming from nocoiners and altcoiners and you might find yourself starting to question your choice to go all in on bitcoin.

For example, if you made your first bitcoin purchase on February 21 of this year, you bought close to $58,000, which was the current all time high. If you fast forward to today, May 28, the price is just under $37,000. Of course, bitcoin’s price action has been anything but sideways since late February, but with all the peaks and valleys it’s gone through, it can be hard to believe in NGU when you haven’t lived through it yourself. Keeping a close eye on the day-to-day bitcoin price movement can be maddening when it isn’t taking off like all those rocketship emojis on Twitter indicate it should.

For those of us who could use a friendly reminder, here are five reasons to believe in Bitcoin NGU technology:

  1. Institutional investment invasion. Institutional investors are arriving to the space like never before and huge deals are getting done on a daily basis. This week alone saw a major development that will make bitcoin accessible to over 300 million bank accounts in the U.S. alone thanks to a partnership between New York Digital Investment Group (NYDIG) and Fintech firm FIS.
  2. Ripe on-chain metrics: On-chain data indicate that the consolidation phase is ending soon and the next leg up of the bull market is about to kick off. Check out William Clemente III’s appearance on Anthony Pompliano’s podcast to understand why.
  3. Bitcoin annual returns. The yearly rate of return for bitcoin is absolutely insane and is unmatched by any asset in the history of markets. If you ever need a little inspiration to stack more sats and HODL for the long-haul, take a look at this bottom line table.
  4. Professional athletes take the lead. Pro athletes are incredibly influential to people of all ages and walks of life, so when an NFL player announces that he will convert his entire 2021 salary to bitcoin, it sends a message that’s impossible to ignore. See why pro athletes are starting to demand their pay in bitcoin in this article.
  5. Approaching avalanche of access. There are currently eight active applications for Bitcoin ETFs that are awaiting approval. And with an U.S. Securities and Exchange Commission (SEC) chairman who understands Bitcoin more than any previous chair, his expected approval this year would open the floodgates to capital that has thus far been unable to gain exposure to BTC.

Overall, there are countless reasons to be bullish about Bitcoin and its patented NGU technology. Hold onto the ones above and keep educating yourself on the reasons for the bright future that lies ahead for Bitcoiners.

This is a guest post by Josh Doña. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

Source: Bitcoin magazine

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Crypto News Updates

Dip Drama: Three Lessons The Bitcoin Dip Can Teach You About Relationships

The current lull in the price of bitcoin is an opportunity to reflect on lessons learned during these experiences.

Marriage during the dip can be maddening, yet enlightening. Here are some lessons I’ve learned from the last two bitcoin dips.

I have been married for just over a year, and few things have caused my wife and I as much friction as bitcoin. Financial fitness, or lack thereof, is one of the determining factors in relationships that either last or get trashed. So learning from your joint journey on the path to financial well-being is imperative for a rewarding relationship. However, if you’re like me and believe that Bitcoin could be the most important monetary invention in history, you’ve likely already experienced the stress it can put on your relationship.

As an unmarried chap for 31 years, finances were a simple equation with little to no funds left at the end of the month. In fact, as a full-time graduate student and part-time worker, it would have been a good month if I didn’t need to ask my parents for financial help, so investing wasn’t even a thought. Thus, combining my partner’s income with mine was a huge relief. But as Biggie Smalls so aptly said, “Mo Money Mo Problems.”

The first few months of our marriage were relatively quiet on the financial front. With no major investments to manage, we were fortunate enough to save up and become homeowners of a small condo in December 2020. Our mortgage became our biggest monthly expense by far, but we were able to manage and save a little at the end of the month. Bitcoin became a part of our lives in late February of this year, just two months after starting our house payments, so we certainly hadn’t found our rhythm with investing our extra money.

If you’ve been actively learning about bitcoin for a month or more, you can probably relate to the feelings of excitement and urgency that accompany falling down the rabbit hole. And if your partner isn’t as interested as you are, you can also likely relate to the tension that comes with developing your collective investment strategy. If checking the price multiple times a day is part of your routine, then you also understand the stress that goes with the dips.

For the purpose of this article, the dip will be defined as a bitcoin price drop that exceeds 10%.

A core principle among bitcoin HODLers is BTFD, which stands for “buy the freaking dip.” Now, this sounds extremely simple and reasonable, and it is, unless you’re walking on thin ice with your spouse.

In my particular case, I’ve pushed and prodded my wife to invest as much of our U.S. dollars into bitcoin as she can possibly stomach. So much so that she only agreed to make our last purchase if I agreed to make it the last bitcoin purchase for a whole year. And like a good husband and desperate bitcoin pleb, I agreed. This last purchase was during the recent dip on Thursday, April 22, 2021. And of course, promptly after I smashed the buy button, this happened:

So when I see that the price keeps dipping, I feel this man’s pain. I am confident knowing I did the right thing but tortured knowing I could have bought at a lower price. Alas, greater men than I have tried and failed to time the market successfully, and countless speculators have been rekt by aiming to leverage trades.

As a dedicated, albeit noobie, HODLer, I will not sell any of our bitcoin no matter how large the dip. But not adding to our position during an opportune time is difficult to say the least.

This last dip, prompted by a bomb from Elon Musk whose explosion was only rivaled by his last failed starship launch, has been more of the same as I watch while bitcoin whales and plebs alike gobble up cheap coins like Shiba Inus consume Pedigree.

Upon reflection, here are the top three lessons I’ve learned from the dips:

1. Listen To Your Partner

This is so much harder for me than it sounds. And a lot of my ability to apply this has to do with the media diet I consume. My daily diet has consisted of select Twitter influencers, online publications and podcasts. I currently subscribe to 12 bitcoin-related podcasts, and even the most level-headed hosts lead me to the same result: being extra hyped about investing in bitcoin. While I consider most of the content to be high quality and educational, the main takeaway from each episode is the same: I need more bitcoin! So it’s no wonder that my partner’s concerns about putting more money into bitcoin sound illogical to me. Her perspective is actually very prudent and likely saving our financial fannies from being unprepared in case we need to use some fiat for an emergency. Your partner’s risk tolerance will be unique to them and you will have to work together to land on a balance between your hustle and their hesitation. Listening more to your partner, and perhaps less to Bitcoin maximalists, will go a long way toward making sure you both have seats on your trip to the moon.

2. Trust The Process

The difficulty with being out of relationally agreed upon fiat during a dip is not knowing if the price will ever be this low again. This experience is intensified for me because I have never experienced the gains that bitcoin has afforded its earlier adopters. So I’ve decided that the best way to handle this dip is to sit on our stack and trust that “number go up technology” will ultimately win out. Bitcoin’s future prospects have never been brighter, and each passing day gets brighter for those who hold it in their portfolio. Here’s an article highlighting some of the most exciting aspects of this brighter future.

3. Be Grateful

Like the first lesson, this is easier said than done. The fact that I’m writing this article is undeniable proof that I lead an uber-privileged life and have “problems” that many would gladly take on. So stepping away from all the noise of the media is a vital part of remembering what I do have instead of obsessing over what I don’t. Going for a walk is one of the best ways to clear my mind and reflect on all the relationships and things I have to be grateful for. The other day my wife reminded me that value is so much more than numbers on a screen, and that the value of our relationship infinitely exceeds anything a monetary asset could afford us. In order to create more balance in my life, I will work on being grateful for one thing in my life every time I think or feel negatively about not buying this dip. Try this out and see how it helps.

This won’t be the last dip we see this year, and in all likelihood we’re still in the middle of a huge bull run. Here’s hoping this article helps you get through any episodes of dip drama that arise on the way.

This is a guest post by Josh Doña. Opinions expressed are entirely their own and do not necessarily reflect those of BTC, Inc. or Bitcoin Magazine.

Source: Bitcoin magazine