Not long ago, Spacex and Tesla CEO, Elon Musk took to his twitter page to announce his company’s decision not to accept Bitcoin and other crypto currencies. according to Elon Musk, They are worried about Crypto Currencies massive contribution to Global Warming and for a company like Tesla which toots itself as the pioneer in manufacturing only Renewable or green products, accepting Bitcoin as payments for cars and other products sold by Tesla will be the exact opposite for what they stand for.

This move by Elon Musk unfortunately caused a panic withdrawal from Exchanges and Wallets to the point that in just a matter of One Hour, Bitcoin’ svalue dropped by over 100%.

Now where as Elon and his self styled company Tesla had caused Bitcoin users to fear for the safety of their funds kept in Bitcoin, Wallets: whether hot or cold, El Salvador has not just done the opposite, but rather gone the extreme by becoming the first country in the world, to officially endorse Bitcoin as a form of legal tender.

El Salvador is a country in Central America that relies heavily on remittances from it’s citizens from other countries and therefore is hopeful that the over 70% of it’s unbanked citizens will be able to send their remittances back home in a currency the general populace are used to. ie Bitcoin.

Description

El Salvador, officially the Republic of El Salvador, is a country in Central America. It is bordered on the northeast by Honduras, on the northwest by Guatemala, and on the south by the Pacific Ocean. El Salvador’s capital and largest city is San Salvador.

SOURCE : mcBLOG | Real No Fakes | www.mcmultimedia.biz

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By mcBLOG

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