Brazil is set to make BTC legal Tender
Yes, Brazil is set to follow El Salvador and make BTC legal Tender. You know Brazil is famous for back sides, while most are natural there are those that get a Brazilian Butt Lift. But more to the point, Brazil is set to vote on Bill 2.303/15 this week. The vote is expected to pass with a majority in favor of the bill. Could it fail; sure. I believe if it is not passed this week it would be a short period of time after modifications it would be made into Law.
Why this is so important? Brazil is the largest country in both South America. With over 211 million people and At 8.5 million square kilometers it dwarfs El Salvador in population and land mass. And it brings yet another corner stone to the next generation of money; all backed by BTC. Additionally, IF the US is going to lead the Crypto revolution it helps to have neighbors that will walk that path with you. Recall El Salvador went live w/ BTC as legal tender just under a month ago, they also report that 2.1M Residents use the BTC wallet.
Why else? With 211M people utilizing BTC for legal tender for everything from Fast Food meals to Automobile purchases will translate into rapid learning curve of Digital Wallets, to Crypto in general. Think of the demand for BTC with Brazil wanting to build a national reserve of BTC and that reflects higher in the price of BTC
Brazilian Trading Partners - Mexico, USA, China, think of the impact, not just 3-4 months out, but 1 year, 5 years etc. When will they want trading partners to move to trades settled in BTC not US $?
Gotcha - Look for more strong arming from the IMF & World Bank claiming they will fail and that only SDR's are the answer to the future of money. Look for more photo opportunity protests (you know the kind the press is invited to a corner where 10-20 people are gathering and the camera angle is super narrow and the IMF goons hand the press the talking points: how massive the crowds are and how the BTC adoption is all wrong, etc.
Who is up next? Will it be Panama or Nigeria? Does it really matter who is next? The point is the move is on to BTC as legal tender, the US $ hegemony is slipping daily (call it DeDollarization or what ever) Citizens around the world are demanding sound money!
Summary - Unlocking a nation of 211 Million people is a huge step forward, perhaps Brazilian leaders are working closely with their peers in El Salvador to avoid Day 1 rollout issues. Perhaps Brazil will cause other nations to move quicker upon their plans to bring BTC as Legal Tender. Stand with those that are demanding sound money!
