Thursday, January 27

Samy Dana Talks About Bitcoin Adoption In El Salvador

Since El Salvador adopted Bitcoin as its legal tender 90 days ago, the digital currency has appreciated 34%, recalled Samy Dana. Appointed now as a former critic of Bitcoin, Samy has opened his eyes to this issue he has criticized so much.

According to him, digital currency was just a speculative asset and should not be a common investment for people.

In October 2021, however, Samy said he could be wrong about Bitcoin, blaming Rede Globo for bad-mouthing the currency in the past. At the time, he said the coin was not a scam, just risky.

About a month later, Samy recommended that people interested in Bitcoin buy little by little, as a way to minimize investment risks. This sequence of events attracted the attention of the Bitcoin Brasil community, which has in Samy Dana one of the main references in attacking the currency.

Samy Dana says Bitcoin appreciated well 90 days after El Salvador adopted the currency

On September 7, 2021, as Brazil celebrated its independence, El Salvador celebrated its financial freedom by adopting Bitcoin as its legal tender.

Thus, the small country in Central America was the first to have a legal tender that is not issued by governments and has no central control, completing this Monday (6) the first 90 days since its implementation.

During this period, Samy Dana recalled that Bitcoin has already appreciated 32%, showing that El Salvador’s strategy so far has worked, with the local government betting its chips on the digital currency.

“At least so far, the economy is in profit, so to speak. Since the day of implementation, or inauguration of Bitcoin as the official currency, the appreciation has been 32%. Whoever received Bitcoin and kept it, had this profit”.

For the country, the main advantage of Bitcoin is to avoid the traditional banking system to carry out bank remittances. Samy also recalled that the government gave money in Bitcoin so that the population could get to know the system and start working with technology as a means of payment.

In El Salvador, any transaction can now be carried out with Bitcoin, from a McDonald’s purchase to a soda on the beach.

That’s because Lightning Network has been the payment network used by Salvadorans, who are increasingly realizing the system’s advantages, putting President Nayib Bukele’s popularity above 80%, recalled Samy.

“I’m still monitoring the case”

Samy Dana recalled that the government of El Salvador gave $30.00 in Bitcoin so that the population could learn about the system. The local president even has the best assessment in Latin America after this adoption of Bitcoin, pointed out the Brazilian economist.

Dana recalled that El Salvador is a place of daring economic experiments, but that Bitcoin will not yet be the currency for import and export in that country. External and internal debts cannot be paid in digital currency either.

Finally, Samy Dana recalled that El Salvador’s success is conditioned by the rise of Bitcoin in the market, as its devaluation or low period could lead the country to problems.

“For the time being, the economy suffers, giving prices for such a volatile currency. From November 8th to November 18th, for example, Bitcoin dropped 19%. Since then, it has risen 6%. An experiment worth following, I’ll soon bring news”.