You are probably aware of the massive popularity that El Salvador has seen since the country accepted Bitcoin as legal tender.
Now, news is about the nation and the use of BTC there.
Check out what the president posted:
2.1 million Salvadorans are ACTIVELY USING @chivowallet (not downloads).
Chivo is not a bank, but in less than 3 weeks, it now has more users than any bank in El Salvador and is moving fast to have more users that ALL BANKS IN EL SALVADOR combined.
Bitcoin is a great shot of diversification
The prestigious publication The Economist posted a piece on diversification and how Bitcoin can help. The article begins with the following words.
“Diversification observed and sensible; a rule of behaviour which does not imply the superiority of diversification must be rejected both as a hypothesis and as a maxim,” wrote Harry Markowitz, a prodigiously talented young economist, in the Journal of Finance in 1952.
The continue and note the reasons for which Bitcoin is worth adding to an investment portfolio.
El Salvador in the news – No Bitcoin taxes for foreigners
El Salvador is a nation that supports the mainstream adoption of Bitcoin.
The mass adoption of Bitcoin and digital assets has been set as the main goal of the crypto space.
Bitcoin magazine online publication notes that foreign investors will not be required to pay taxes on profits from Bitcoin, a government adviser told the AFP this week.
Javier Argueta, the legal adviser to President Nayib Bukele, told the news source, “If a person has assets in bitcoin and makes high profits, there will be no tax. This (is done) obviously to encourage foreign investment.”
“There will be no taxes to pay on either the capital increase or the income,” Argueta said. Stay tuned for more news.