Post #2927

🌋Bitcoin powered by volcanoes 🌋 🤔Domino effect possible in Latin America🤔 🇮🇳India classifying BTC as an asset?🇮🇳 ⛏ Bitcoin mining with volcano energy in El Salvador 😳⛏ Well, that developed quickly. In one weekend, El Salvador’s government: —> Proposed a bill to recognize BTC as legal tender —> Submitted the bill to the legislative assembly —> Became 1st country in the world to adopt BTC as money —> Proposed Bitcoin mining using 100% renewable volcano energy —> Drafted plans for a Bitcoin mining hub around volcanoes —> Adopted a Lightning Network-based BTC wallet called Strike Sounds like a busy weekend, right? It doesn’t look like Nayib Bukele, El Salvador’s president, is looking to stop there. In reply to a Forbes magazine line that wondered whether money might soon grow on volcanoes, Bukele tweeted back, “it will.” 🌋 After the quick unfolding of events, commentators across Crypto Twitter were left stunned. After all, what do you say when watching an entire country adopt Bitcoin in real-time? If you’re thinking what we’re thinking, you’ve probably spent quite a bit of time these days checking out oceanside real estate in the tiny Central American nation.👍 🤔Adopting Bitcoin as legal tender — who’s next?🤔 El Salvador’s recognition of BTC might have been the first domino to fall in a region packed with candidates likely to follow suit. Argentina, Paraguay, Venezuela, Nicaragua, and other Latin American countries have suffered through several periods of currency hyper-inflation and debasement. Imagine watching the wealth you’ve accumulated tirelessly simply disappear due to bad monetary policy. Millions of Latin Americans have experienced exactly this, making it no wonder why the region continues to use stablecoins en masse.📈 El Salvador’s move is a watershed moment for the LATAM region as a whole. Now, there is a blueprint for decisively moving away from inflationary central bank currencies and toward a global store of wealth built upon the actual value of mining. Several legal reps from Brazil, Mexico, and other major LATAM countries have come through with the laser eyes, signaling their desire to make Bitcoin move in their respective countries. Who is the next domino to fall? It’s not a matter of if, but when. 🇮🇳India flip-flops on BTC, now ready to call it an asset🇮🇳 After looking likely to ban BTC for months, the Indian government is now keen on declaring it an asset. The action in El Salvador may have prompted the about-face. But in our view, there’s a more likely scenario. The crypto community, led by Polygon’s Sandeep Nailwal, donated billions of dollars to Indian COVID relief efforts in recent weeks. Part of that donation was the $1B+ worth of SHIB tokens sent by Ethereum founder Vitalik Buterin. Did the massive outpouring of support from the digital currency community resonate with India’s lawmakers? The timing of the switch-up makes it seem possible — even plausible. Whatever the reason, if India does make good on declaring BTC an asset, expect fireworks. With a population well over 1 billion, India’s gov has the power to turn the tide on BTC sentiment.