The situation in El Salvador and SIngapore are literally worlds apart. As an advocate and investor of Bitcoin and crypto, I would say this move will spur other 3rd world country towards adopting the Bitcoin standard.
Reasons wise:
Bitcoin is a perfectly scarce asset since we know there will only be 21 million BTC + everything can be seen on the public ledger. No book keeping required.
Hedging against currency debasement (as fiat currency devalues from money printing, Bitcoin goes up due to higher demand for store of value assets) -- Especially 3rd world countries that rely on the US dollar due to their native currency losing its value too quickly
3.Hedging against inflation (as asset and consumer price inflation trends higher, where do you park your cash? Stocks? Bonds? I would choose BItcoin. (though I own stocks too)
There are more details I want to talk about but it will be a longggg piece of comment so I shall not dive deeper.
As El salvador accepts Bitcoin as legal tender, it will only lead to a Domino effect among the developing coutntries and I would expect countries like Panama or Brazil to follow suit soon.
As for Singapore, SIngapore is one of the top crypto havens in the world with hundreds of crypto companies flocking to Singapore's tax friendly ecosystem and an accepting attitude towards crypto and digital assets.
Many of the worlds largest crypto hedge funds and crypto companies and their CEOs are all located in Singapore. So I won't be surprised if the SG government starts to add more crypto into their wealth fund as many ongoing talks are happening right now with notable ones like QCP Capital or Three Arrows Capital.
Overall very very exciting future ahead.
The situation in El Salvador and SIngapore are literally worlds apart. As an advocate and investor of Bitcoin and crypto, I would say this move will spur other 3rd world country towards adopting the Bitcoin standard.
Reasons wise:
Bitcoin is a perfectly scarce asset since we know there will only be 21 million BTC + everything can be seen on the public ledger. No book keeping required.
Hedging against currency debasement (as fiat currency devalues from money printing, Bitcoin goes up due to higher demand for store of value assets) -- Especially 3rd world countries that rely on the US dollar due to their native currency losing its value too quickly
3.Hedging against inflation (as asset and consumer price inflation trends higher, where do you park your cash? Stocks? Bonds? I would choose BItcoin. (though I own stocks too)
There are more details I want to talk about but it will be a longggg piece of comment so I shall not dive deeper.
As El salvador accepts Bitcoin as legal tender, it will only lead to a Domino effect among the developing coutntries and I would expect countries like Panama or Brazil to follow suit soon.
As for Singapore, SIngapore is one of the top crypto havens in the world with hundreds of crypto companies flocking to Singapore's tax friendly ecosystem and an accepting attitude towards crypto and digital assets.
Many of the worlds largest crypto hedge funds and crypto companies and their CEOs are all located in Singapore. So I won't be surprised if the SG government starts to add more crypto into their wealth fund as many ongoing talks are happening right now with notable ones like QCP Capital or Three Arrows Capital.
Overall very very exciting future ahead.