Watch: Bitcoin to become legal tender in El Salvador; Trump calls BTC a ‘scam’ – Frank Holmes comments
(youtube.com)
El Salvador President Nayib Bukele announced at the Bitcoin 2021 Conference in Miami that the country is in the process of adopting Bitcoin as legal tender.
Bukele Tweeted that “If 1% of [Bitcoin] is invested in El Salvador, that would increase our GDP by 25%.
On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.”
Frank Holmes, CEO of U.S. Global Investors and executive chairman of HIVE Blockchain Technologies, said that the main concern would be the illicit activities being financed by Bitcoin under such a regime.
“I think conceptually, if you’re an idealist, it sounds good. The issues we always have risks with, is a leader like this in El Salvador, is that it’s going to become a domicile for nefarious activity,” Holmes told David Lin, anchor for Kitco news.
0:00 - Miami Bitcoin conference
1:04 - "Bitcoin is a scam" - Donald Trump
2:55 - El Salvador legalizing Bitcoin
6:14 - G7 is a "cartel" - tax hikes for corporations
9:52 - Green energy crypto coins
13:45 - Bitcoin, Ethereum price volatility
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Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
Bukele Tweeted that “If 1% of [Bitcoin] is invested in El Salvador, that would increase our GDP by 25%.
On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.”
Frank Holmes, CEO of U.S. Global Investors and executive chairman of HIVE Blockchain Technologies, said that the main concern would be the illicit activities being financed by Bitcoin under such a regime.
“I think conceptually, if you’re an idealist, it sounds good. The issues we always have risks with, is a leader like this in El Salvador, is that it’s going to become a domicile for nefarious activity,” Holmes told David Lin, anchor for Kitco news.
0:00 - Miami Bitcoin conference
1:04 - "Bitcoin is a scam" - Donald Trump
2:55 - El Salvador legalizing Bitcoin
6:14 - G7 is a "cartel" - tax hikes for corporations
9:52 - Green energy crypto coins
13:45 - Bitcoin, Ethereum price volatility
__________________________________________________________________
Kitco News is the world’s #1 source of metals market information. Our videos feature interviews with prominent industry figures to bring you market-affecting insights, with the goal of helping people make informed investment decisions.
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Francisco Gimeno - BC Analyst El Salvador has already passed the motion to acknowledge BTC to be a legal tender for the tiny nation. It seems incredible: let's wait for the consequences of this, both as a change of concept of how to understand BTC and how it affects that nation's economy. Meanwhile BTC maximalists get happier by this, Trump calls it a scam, and in the background crypto is slowly changing, we hope for better.