Adopting the Bitcoin standard? El Salvador writes itself into history books

The cryptocurrency space and wider economic community continue to laud a historic move by El Salvador to recognize Bitcoin as legal tender. The Central American country has become the first in the world to do so, and the move has also spurred a handful of other Central and South American countries to begin taking steps toward that same eventuality.

Unsurprisingly, the move has made waves in the cryptocurrency community, with Bitcoin (BTC) proponents, in particular, highlighting the significance of the legislative change in driving cryptocurrency adoption. There have been some critics who have highlighted potential coercive undertones of the law, which has added intrigue to the situation, but the overarching response has been positive.

Things have moved quickly in El Salvador following the announcement from the country’s president, Nayib Bukele — which took place during the Bitcoin 2021 conference in Miami — that the country’s congress would be voting on the new legislation. In the space of a few days, Bukele’s plans to make Bitcoin legal tender became reality as the Salvadoran Legislative Assembly voted in favor of the new law on June 9.

The country’s president took things one step further when he tasked state-owned electricity producer LaGeo to begin exploring the possibility of powering Bitcoin mining using the country’s rich geothermal energy. No less than a day later, a new geothermal well had been drilled that Bukele said would power a Bitcoin mining facility in the near future.

The move was even immortalized on the Bitcoin blockchain by mining firm Poolin, which included a Salvadoran newspaper headline reading…

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