US mega-bank JP Morgan has warned that the tiny nation of El Salvador’s move to legalize Bitcoin use may create stress on the Bitcoin blockchain.
A few years ago JP Morgan’s CEO was bashing Bitcoin, and it appears that the bank can’t just let the world’s most popular digital currency shine.
Of course, JP Morgan is a part of the global banking cartel that runs with central banks – and loves to run down any system that doesn’t involve central bank issued fiat currency.
Many, many small nations have struggled with this system, which some may say is horribly corrupt and abuses the vast majority of people here on planet earth.
In terms of how El Salvador will fare with Bitcoin – it is anyone’s guess.
People there can use Bitcoin, but they can also use other forms of money if they so choose. Much in the same way that a free market allows people to choose from competing systems, and use the one they think is the best fit for their needs.
Unlike a monopoly, where one entity has the power to control an entire market – much in the same way central banks control the supply of fiat currency globally.
Maybe take a look at central banks, and who really got the bailout in mid-2020!
Bitcoin Will be Fine – Enjoy it El Salvador
The simple fact is that Bitcoin, despite warnings from JP Morgan, will continue to operate even as China kicks out all the miners, and tiny nations start to allow its use as an official currency.
Is Bitcoin the ideal token to buy a pack of gum or a soda?
No. Absolutely not.
How Bitcoin is used in El Salvador is still a mystery, and direct transactions of Bitcoin on its blockchain for small-scale transactions are unlikely.
The cost of using it will be a factor, as many people in El Salvador are very, very poor. All those transaction fees add up, and poor people tend to know how to economize.
Loads of L2 Solutions Exist
The world of decentralized blockchain is a hotbed of…