This Week In Bitcoin is a new segment covering the events of the week that occurred in the Bitcoin industry, covering all the important news and analysis.
This was the week of El Salvador. Since President Nayib Bukele’s announcement in Miami at Bitcoin 2021 that El Salvador would adopt bitcoin as legal tender, the internet has been ablaze. The country’s parliament has since made it official, voting with a supermajority in favor of the bill. There have also been talks of setting up mining operations in the country and allowing investors with 3 BTC or more to take up El Salvadoran residency, prompting other Central American countries to signal interest in following their lead. I have long said that the first country to officially adopt bitcoin will be a pioneer and this week El Salvador did just that.
In other news: The “Bitcoin Mining Council” launched their mission statement, China’s crackdown on crypto continued, former U.S. President Donald Trump dissed Bitcoin, several wallet and mining firms raised fresh funding and US inflation hit its highest rate since the 2008 financial crisis.
Yes, many bits of bullish news this week would appear to be related to El Salvador, with most Bitcoiners hearing the country’s name enough times in the last week to last a lifetime, but the fun has only just begun. The nation:
- Announced Bitcoin’s adoption in the country to pass the bill.
- Offered solutions to mining and investment.
- And initiated a nationwide rollout.
All in less than a week, whereas something similar would take years in other countries wrapped up in bureaucracy. Countries such as Panama, and Argentina have expressed interest in following in their footsteps.
Besides that, Taproot has cleared it’s last hurdle over the weekend as it locked in, signaling a new chapter for Bitcoin. This “transition” was relatively smooth sailing compared to the blocksize squabbles of 2017, if you were paying attention back then. Then there is…