Bitcoin as legal tender
Last weekend, the whole crypto space was shaken by many new ideas, thoughts, and discussions about Bitcoin. The focus was on a presentation by Jack Mallers, the founder of Strike, a payment platform for the Lightning Network. Mr Strike has been working with the president of El Salvador, Nayib Bukele.
Mr Mallers mentioned that over 70% of the active population of El Salvador don’t have a bank account, making them ‘unbanked’ or outside the financial system. On the other hand, El Salvador is already home to the Bitcoin Beach project, which has created a circular Bitcoin economy there. This project also sponsors the country’s national surf teams and is working to build a surf and community center in honor of one of its members.
Meanwhile, according to Mr Mallers, El Salvador is now working with Bitcoin businesses and platforms to determine logistical solutions for implementing greater use of Bitcoin. This move by El Salvador could spur more countries to use Bitcoin as legal tender and potentially even make it their reserve currency.