Bank Of America says To adopt Bitcoin as legal currency by El Salvador was right decision
On 26 July, An analyst from the Bank of America shared his point of view on El Salvador to adopt Bitcoin as a legal currency. He shared his sentiment about the positive results of Bitcoin adoption by Nayib Bukele.
Adoption of bitcoin as a legal currency for El Salvador was a historical decision & also El Salvador became the world’s first country to adopt Bitcoin officially as currency. But there were many insider & outsider authorities which criticized EL Salvador’s president to take such ironic decision. And also World Bank also denied El Salvador to help in Bitcoin infrastructure development in advance. But now the biggest bank ” The Bank Of America” says Nayib Bukele is right at their decision to adopt Bitcoin as legal currency.
Related: Protest against Bitcoin adoption Bill In El Salvador
Recently, an official account of the government Twitter profile of El Salvador shared a screenshot of the released report by The Bank Of America.
The report in the screenshot was released by the Bank of America, in which an analyst of Bank of America mentioned positive points for El Salvador’s decision.
According to the screenshot, El Salvador’s decision is correct from the point of the economic outlook report. Also there are huge opportunities for El Salvador’s government to gain advantage.
El Salvador can gain a huge advantage in remittances, digitization, and business operations. As El Salvador’s remittance is 24% in GDP, the government can save huge charges through the use of Bitcoin for cross border payments & can save the whole value of $1 during cross border transactions.
And also the citizens of El Salvador which are still unbanked can use Bitcoin to give their contribution to the economy. And also the government can gain huge profit by operating mining operations with the use of sustainable sources of energy.
Read also: Victims Lost Nearly $30M in Crypto Crime : Report On Hong Kong
