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The millionaire guru backing the Bitcoin market in El Salvador

The project to start a Bitcoin market in El Salvador added in favor of one of the gurus for this sector, Brock pierce, one of the richest people in bitcoins.

This eccentric businessman considers that the plan of the Salvadoran president, Nayib bukele, to implement bitcoin as a currency of legal use in this nation, it is one of the “smartest” you have heard.

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A Bitcoin market in El Salvador

September 7 is the date for the start of the Bitcoin market in El Salvador, according to President Bukele’s plan.

The project has added critical voices who doubt about the viability of a crypto market in this Central American nation; however, for Brock Pierce, it is a “brave” step.

In a statement about the cryptocurrency process for El Salvador, Pierce declared himself a follower of Bukele’s plan and even assured that he would bet his bitcoin fortune in this market.

Pierce has been one of the most fervent promoters of cryptocurrency, specifically bitcoin.

During the last days he made a tour in several countries of the Central American region to promote the use of cryptocurrencies.

Who is Brock Pierce?

Brock Pierce is a 40-year-old businessman who joined the 2018 list of Forbes of the richest people in cryptocurrencies, with a fortune of more than $ 1 billion.

In his opinion, Salvadorans are really entrepreneurs, “they seem more like a start up than a government ”.

The cryptocurrency guru, actor and former candidate for president of the United States, supports organizations working to decentralize blockchain technology.

He announced that he plans to travel to San Salvador for the launch of bitcoin as a legal form of payment in the country.

For Pierce, the use of bitcoin means “democratize the opportunity, creating a financial system open to all; it will reduce costs in many ways. “

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Central American tour

The billionaire was in some Central American countries to promote the use of cryptocurrencies, prior to the start of the Bitcoin market in El Salvador

In Honduras he met the president, Juan Orlando Hernandez, and representatives of your government.

In Panama, he met with authorities and cryptocurrency entrepreneurs.

El Salvador and bitcoin

All businesses will be required to accept the cryptocurrency bitcoin for goods or services, unless they cannot provide the necessary technology to process the transaction.

Despite the refusal of world Bank, which refused to help El Salvador to implement bitcoin as legal tender, in that country the installation of ATMs and terminals to operate with bitcoins is already being carried out.

The World Bank argued that its decision was due to concerns about the transparency of the process and the environmental impact of mining.

When the refusal was given, the cryptocurrency investor, Anthony Pompliano, He pointed out through his official Twitter account that the institution’s position was due to the fact that “it has not discovered how to make money with bitcoin.”

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A controversial plan

With voices for and against, a Bitcoin market is underway in El Salvador.

The government has created the electronic wallet Billy Goat, which will award $ 30 in bitcoins to its Salvadoran users.

The voices that have spoken out against Bukele’s measure point out that the use of bitcoin poses a lot of risk given the high volatility of the cryptocurrency and the danger that it is used to mask illegal operations.

“You would have to be crazy to introduce a vehicle of corruption (cryptocurrency) in an environment that is already corrupt,” he told the El Faro website, Steve Hanke, an economist at John Hopkins University.

He is a specialist who has recently criticized Bukele’s measure, he pointed out that, among the Salvadorans named in the Engel List, of corrupt characters in Central America, made by Washington, there is the Salvadoran chief of staff, Carolina Recinos, accused of money laundering.

Meanwhile, bitcoin, which is currently hovering around $ 50,000, hit highs above $ 60,000 in April and collapsed to $ 28,000 in July.

(With information from AFP)

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: Tammy@oicanadian.com Phone: +1 513-209-1700

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