El Salvador: The Bitcoin Revolution that has just begun

Being a vocal opposition to the ‘traditional’ financial market is no easy feat. Yet, El Salvador, a small Central American country with an area comparable to that of New Jersey, has bravely done just that. In September 2021, El Salvador made history by becoming the first country to recognize Bitcoin as an official currency. This move has been met with a great deal of resistance from the traditional financial institutions around the world who considered it as an “economic disaster”. After all, El Salvador is advocating for a free-market economy and a decentralized approach, a stark contrast to the centralized markets that most financial institutions are deeply entrenched in.