I just felt like I had to get this out there just in case you hadn't heard this amazing snippet of news. Frankly, this is probably the most important news there has ever been about Bitcoin.

Late last night the President of El Salvador announced that Bitcoin was to become legal tender in El Salvador. He actually spelled it all out in detail to the point of saying that businesses in El Salvador would have to accept payment for their goods and services alongside the US Dollar as Bitcoin was becoming legal tender.

He used a few examples to clearly demonstrate this point, for example, if you went into Macdonald's to buy something they could not refuse payment in Bitcoin. If you wanted to buy a car, they would have to accept payment in Bitcoin and so on and so forth.

What does this mean for us? Well, of course there will still be resistance to crypto in general in the foreseeable future but to have a country declare Bitcoin as a legal currency is a step that I could never see coming. The implications of such a move should be self-explanatory but, for context, let us just imagine that the El Salvador "experiment" (my word not theirs) proves to be a great success.

Is it even conceivable that others will not follow suit? 

No sales push or promotion here just a basic word of advice. If you have never considered buying some Bitcoin perhaps now would be a good time to re-assess that decision.

The price had been falling dramatically over the past few weeks but it has rallied a little over the last few days. This announcement, in my mind, should be another catalyst for some pretty impressive growth in the Bitcoin price again. 

Just my opinion and, as always, only time will tell.

If you haven't got a good place to buy Bitcoin there are several good exchanges to go to but if your goal is to buy and hold the Bitcoin for the longer term (probably the best suggestion right now) I can suggest no better place to buy than Crypto-Performance.

John