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El Zonte, dubbed "Bitcoin Beach" begins to increase its liquidity in BTC
El Salvador is becoming the epicenter of an entire economic revolution, no country has dared to adopt any cryptocurrency as its own. This is the first case where Bitcoin becomes legal tender, where everyone can make transactions freely.
Of course, this transition to digital currencies is not easy at all, that is why the president of El Salvador has started only with El Zonte. Which has become what they call "The capital of Bitcoin", some others baptized it as "Bitcoin Beach", the paradise of cryptocurrencies.
It is certainly a daring gamble, but this experiment is on the rise as the days go by, more and more people begin to adapt. This is because they begin to understand the operation of cryptocurrencies, since their ignorance only creates mass hysteria.
How does the economy work in El Zonte?
Many are skeptical, they believe that everything will end badly, but the reality is quite the opposite, the economy within El Zonte has never been so free. We emphasize economic freedom because there are no longer any bank branches within Bitcoin Beach (El Zonte).
Why do citizens need a bank? Having a wallet, and money in cryptocurrencies, it is no longer necessary for a third party to take care of your money. People buy their groceries, pay for their services, pay the bill at restaurants and do all kinds of transactions without any problem.
This is undoubtedly one of the best economic achievements that have happened in the world, accepting cryptocurrencies is giving way to the future. The president of El Salvador, Nayib Bukele, will be as remembered in the history of Bitcoin as Satoshi Nakamoto himself.
How does Bitcoin volatility affect Salvadorans?
As is well known, the project to accept Bitcoin as legal tender started recently, becoming legal in 2021. In the beginning, when people began their transition to cryptocurrencies, they undoubtedly lost large sums of money.
This goes hand in hand with the volatility of this currency, which has lately been tied to the decisions of Elon Musk, in addition to the actions of China against Bitcoin. Which rises like foam, but which lead falls, so at first it was very difficult.
Although now, the situation has completely changed, entering the last quarter of the year, Bitcoin has been on the rise. It has currently reached its all-time high, estimating that its price will easily reach USD 100,000 by the end of this year.
As you must imagine, those people who remained firm in the decision to accept this currency have managed to recover the lost money. In addition to this, they have made money due to the exponential increase of Bitcoin, on the contrary those who did not currently do so must be regretting it.
If this currency continues to rise, it is very likely that the entire population will end up switching to digital currencies. In which case the “Bitcoin Beach” wallet will be available, since it currently registers a liquidity that exceeds one million dollars.