Bitcoin will be a success in El Salvador, boosting remittances, industry and gains from remuneration. Per capita GDP is likely to double over the next decade as remittances, the energy sector and tourism all grow.
El Salvador made waves in June 2021 by adding bitcoin as a legal tender alongside the U.S. dollar. It was a historic event. The use of bitcoin has the potential to dramatically benefit the small Central American country, but by how much? And what will it look like?
Let’s briefly examine El Salvador’s geopolitical situation and try to predict how bitcoin will affect the following:
- History and Politics
The History Of El Salvador
Prior to Spanish colonization, the area of El Salvador was inhabited by two cultures. The more relevant to the modern state and capital city of San Salvador are the Pipils, arriving around 900 A.D. They likely came from the northwest due to language and…