El Salvador could be the shape of things to come for bitcoin – and emerging nations

El Salvador has become the first nation to adopt bitcoin as legal tender. That’s an extraordinarily bullish move both for bitcoin and for El Salvador, says Dominic Frisby. Here’s why.

Shop in El Salvador that accepts bitcoin
About 70% of Salvadorans don’t have a bank account – but they all have smartphones
(Image credit: © Alex Pena/Anadolu Agency via Getty Images)

Today marks a landmark in history. For the first time, a sovereign nation, as recognised by the United Nations, will adopt a cryptocurrency as legal tender.

Subscribe to MoneyWeek

Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Get 6 issues free
https://cdn.mos.cms.futurecdn.net/flexiimages/mw70aro6gl1676370748.jpg

Sign up to Money Morning

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter

Sign up
Dominic Frisby

Dominic Frisby (“mercurially witty” – the Spectator) is as far as we know the world’s only financial writer and comedian. He is the author of the popular newsletter the Flying Frisby and is MoneyWeek’s main commentator on gold, commodities, currencies and cryptocurrencies. He has also taken several of his shows to the Edinburgh Festival Fringe.

His books are Daylight Robbery - How Tax Changed our Past and Will Shape our Future; Bitcoin: the Future of Money? and Life After the State - Why We Don't Need Government

Dominic was educated at St Paul's School, Manchester University and the Webber-Douglas Academy Of Dramatic Art. You can follow him on X @dominicfrisby