Bitcoin – may be legal tender in El Salvador soon

Firstly, the term “legal tender” is only ever used when a Scotsman tries to use their funny money to pay in a shop in England. “It’s legal tender!” they would shout at the shopkeeper in a Scottish accent… That’s probably one of the few examples of “legal tender” used in a sentence.

Second, where the hell is El Salvador? I’m glad you asked. I googled it and can tell you with confidence that it lives in Central America next to Guatemala and Honduras. I’m sure the weather there is nice all year round…

I admit I know virtually nothing about El Salvador but I love the fact that they might make Bitcoin legal tender. This is huge! I hope many other countries will follow suit.

I’ve always liked crypto and all the possibilities of blockchain. That’s the way forward. I imagine central bankers are all scheming right now to maintain the status quo and how best to avoid innovation at the pretence of protecting the consumer. Let’s see what they come up with this time… maybe some economic sanctions on El Salvador because Bitcoin will totes be used for money-laundering (and conveniently forget that cash is also used for money-laundering).

Crypto is the future! I’m very excited to see it spread its wings and fly.

I also did a quick backtest of how well Bitcoin and Ethereum have done compared to the S&P 500. I looked at what it was like for somebody who missed the crypto boat in 2017 and started to contribute £100 each month from January 2018. Spoiler alert, they’d be pretty happy even though it’s been a very choppy ride in crypto.

Bitcoin VS Ethereum VS S&P 500, 2018 Jan to 2021 May.

The above isn’t investment advice but clearly shows the potential of crypto.

Enjoy the ride!