25th February 2022 > > Mexico and adoption of BTC as legal tender.

tl;dr

Mexico and adoption of BTC as legal tender

Market Snap (at time of writing)

Market Wrap

With Russian special forces reportedly already in Kyiv, the war may nearly be over. Of course sanctions may or may not have a material impact on Russian and European economies going forward, and oil prices are briefly spiking, but the damage to risk assets will be quickly forgotten in the event of an imminent resolution.

All those Chelsea “fans” who suddenly found they had always had life-long commitment to that club in June 2003 (the month Abramovich bought them) are worried that they might now have to transfer allegiance to another billionaire’s playground. Newcastle is probably top of their list, so long as they don’t go down.

Occasional Series – a weekend away

Sorry to disappoint y’all. Back Monday – take good care of the price of BTC in my absence please.

Curious Cryptos’ Commentary – Mexico

Indira Kemps, senator for the State of Nuevo Leon, is proposing a bill to make BTC legal tender in Mexico, the second country to do so if the bill passes:

“We need bitcoin to be legal tender in Mexico, because if it is not so, if we do not make that decision as El Salvador did, it is very difficult to take action.”

I am not sure what action she refers to, but as always – and rightly so – the issue of crypto tax dollars looms large:

“(El Salvador) … is undoubtedly becoming the most important hub or laboratory in the world about the future with bitcoin”.

I think she is slightly overegging the case, but her point remains valid.

Indira then perhaps explains what she meant by “action”:

“It is clear to me that financial exclusion is one of the public problems that few of us have addressed with feasible alternatives, and that this type of technology is allowing us to generate an alternative, a way, a solution so that millions of people can be included in the financial system.”

This of course was one of the driving reasons behind El Salvador’s adoption of BTC as legal tender. A move which will in time demonstrate that Nayib Bukele, President of El Salvador, and his vision dragged millions of poor and dispossessed out of poverty and into a better life for them and their children. If the Nobel Peace Prize wasn’t so politically determined, Nayib would be in line for one in the next decade.