“Any [company] that charges fees for any type of payment is going to be impacted by bitcoin,” Validus Power Corp’s Greg Foss said.
El Salvador President Nayib Bukele said he plans to spend more than $225 million for the country’s adoption of bitcoin.
But one fund manager that spoke to Blockworks says the U.S. dollar is the bigger threat.
“People don’t realize that (El Salvadorians) need this and can actually use bitcoin to better themselves,” Carlos Betancourt, co-founding principal of BKCoin Capital, said during an interview with Blockworks.
The company has raised a cumulative $30 million in funding since inception and its CEO said they might consider future funding rounds later this year.
With bitcoin’s capped supply at 21 million as well as Ethereum’s EIP-1559 expected to go live next month, which will evolve Ethereum as a deflationary asset, I believe the writing is on the wall when it comes to what will hold value over the coming decade.
The “Bitcoin Law” has been approved four days after El Salvador’s President Nayib Buekele announced plans to send a law to legislation to make bitcoin legal tender, making it the first country in the world to formally adopt the cryptocurrency.
“In order to mitigate the negative impact from central banks, it becomes necessary to authorize the circulation of a digital currency with the supply that cannot be controlled by any central bank,” said El Salvador President Nayib Bukele via video at Bitcoin 2021.