El Salvador Declares Bitcoin Legal Tender (Implications on the Market Cycle)

Governments adopting Bitcoin, more institutions coming in, the DeFi space growing day after day, endless fiat printing, lengthening cycles from dubiously extrapolating prior data, and some people think this market cycle is ending in 2021? I do not think so. Let us see how things play out over the next 1-2 years. My guess is that we are able to put in new ATHs and it will have been obvious all along.




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Disclaimer: The information presented within this video is NOT financial advice.

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100+ comentarios:

Benjamin Cowen
Benjamin Cowen:
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That is incredibly exciting news. Cannot wait to see how the market plays out in the coming weeks.
Julian Hartzell
Julian Hartzell:
I like how this literally just passed and you are covering it. You are a gem.
Legendary Movie Scenes
Legendary Movie Scenes:
Am I the only one who doesnt think this is just big but is actually HISTORIC?
Uicnow Crypto and Alt Coins
Uicnow Crypto and Alt Coins:
A pleasing development considering all the FUD that has been saturating the market, as we speak im seeing a small push not sure if it's temporary or if we are finally settling on an area where we consoldate for awhile and grow from there.
Peter Watson
Peter Watson:
'Recently' passed a bill?!?! It was like minutes ago! THIS IS HISTORY MAKING!
Is it official now?! Congratulations to El Salvador and the rest of the revolutionaries around the world <3
Milost Turtas
Milost Turtas:
Glad to hear this! It’s always best to have dual or multiple citizenship, most especially for cryptocurrency investors or even families and individuals looking out for better opportunities or alternative residence. CBI Caribbean provides different citizenship options and they helped me secure my second passport just in a few months. Gladly recommend their services. Thank me later.
A Ko
A Ko:
When the market was crashing yesterday I remember refreshing constantly thinking ‘where on earth is Benjamin to explain what he sees in the charts’. What this guy says always makes sense.
Great video, as always! I was wondering why the future market tops on your chart would project out of the top of the green logarithmic curve, while the past market tops do not? Thanks for all the great free info by the way.
Jonathan Ng
Jonathan Ng:
Thanks for all the great content as always, Ben! Keep it up!
Juan Fernando
Juan Fernando:
And in 2030 when crypto is accepted worldwide we will look back to this day with nostalgia
Congratulations to El Salvador👍 leading the world ❤️
Bruno AFK
Bruno AFK:
No doubt other countries will follow this example and we will see eth, tether, doge as a legal tender
Awesome content as usual..been watching this channel since December of 2020. The best on YouTube by far…miles ahead of the rest
Got to love Ben's level headed outlook, this should be everyone's demeanor towards any investments. P.s I just realised how incredible this news is, it was one thing when it was just a possibility however now that they've actually passed the bill? It is truly remarkable news for BTC.
Enrique Moreno
Enrique Moreno:
Remember that El Salvador economy is "dollarized". It is relatively easy to do that with any currency.
What’s a little legal tender amongst friends?
In 10 years visiting El Salvador will be like Westworld
Tee Time
Tee Time:
You are so trustworthy to me that I prefer hearing the news from someone who never covers news that hearing it from someone else 👌
King Ding
King Ding:
Just the start of many countries to follow in time.
Your logic and presentation of the data is on point. Great video and I say this Despite wishing for a quicker recovery
Rishabh Kaushik
Rishabh Kaushik:
This will be taught in future history books. Maybe also economy books. **If there are books in the future.
Field Blue
Field Blue:
Always good news, the btc price keep dropping for years until 93% retracement and people failed and rekt, this is the worst bear market and just happening.
Peter B
Peter B:
Really enjoy your analysis Benjamin, great work.
toasty jam
toasty jam:
Exciting news, but very risky. At this point, Elon can either hurt or help El Salvador's economy. There will probably be news channel devoting their time analyzing Elon's confusing tweets. Imagine getting paid in bitcoin and then elon tweets a bizarre meme about bitcoin and half your paycheck is cut.
Akbar Ali
Akbar Ali:
This should give us atleast a relief rally.
Vitamin G
Vitamin G:
Keeping it real 👍 Love your channel.
Vincent Sasbrink
Vincent Sasbrink:
This is the only right decision for El Salvador. I am sure that soon we will see eth and tether as a legal tender too.
Safar Dilmurodov
Safar Dilmurodov:
Nice video, investing in crypto is the best choice I made @ 2020. ThankGod for everything, El Salvador is liberated.
oliver king
oliver king:
You have a good balanced view of the market, however there are a lot of current novice crypto investors, that get far too excited about small developments. Crypto is in its infancy and announcements by firms and countries to essential "test" and research uses cases etc, isn't going to push the prices up anywhere near to and "overnight" fashion. Too many are expecting sudden and massive run ups. Ots a bit like a company in 1994 saying that they are going to see if the Internet has any use. Its early days, and the mass adoption is far from here and now. Investors time horizons must be years down the line, not weeks, not months.
Robin Robin
Robin Robin:
Nice video!!! Very engaging from the beginning to end.nevertheless business and investment are the easiest way to make money irrespective of which part you came from.
Winthorpe Stratton
Winthorpe Stratton:
It's no surprise that Microstrategy raised much more than the offering with their bond. Even investors who don't care about Bitcoin have subscribed since Microstrategy was offering a 6+% annual yield. Irrespective of crypto it is seen as a very good investment.
Real Pirates
Real Pirates:
Nobody does FUNdamentals like Ben Cowan!

Thanks for all the great content as always.
I see no problem in covering big news like this, always happy to have your opinion
In prior cycles we saw the value of BTC rising, but this cycle we also see the value of USD dropping. It is BTCUSD after all. This is why I believe that we might even outperform previous cycles.
Rex Blein
Rex Blein:
Step 1: take your anonymouos bitcoin to an El Salvadoran bank
Step 2: convert legal tender bitcoin into legal tender USD
Step 3: no tax reporting, tax free conversion.
The New Khan
The New Khan:
I wish my country would do the same, and not just with BTC. I dream of the day when I could go buy clothes or dinner with some ADA or ONE.
Helen Burns
Helen Burns:
Thanks for the quick update, Ben. Love the way you dont use clickbait...makes me click.
Marc D'Amici
Marc D'Amici:
Hey Benjamin interested to hear your thoughts on the effect that mass government acceptance might have on the projected fair value.
Just been watching FUD on Bitboy's channel so it's always nice to tune into Benjamin's show.
Shane Hannon
Shane Hannon:
i thought i read that there was a bill submitted to make it a legal tender(along with the US dollar) but it hasnt passed as of yet???
Hi Ben,
I do understand your comment in regards if lengthening the cicle and Diminishing returns, but this is basically for Bitcoin. Do you believe other altcoins, like ADA, are decoupling from Bitcoin ?
Miami Italiano
Miami Italiano:
This BTC consolidation pattern is looking good for continuation. Very nice bounce from 31k
Pani GTab
Pani GTab:
I'm not a trader and don't really understand much about TA, but the way Ben is explaining his analysis is enough for me to understand the message. Thanks, Ben. I hope you get 500k subscribers soon.
It will be mandatory for all businesses in the country to accept Bitcoin
What would happen if a country adopted a crypto (assuming it wouldn’t be BTC because of inefficiencies) as its own currency?
shame BTC can't be used without custodial services anymore, imagine accepting 'digital gold' as a currency
Do you have any recommendations on where to keep up with general DeFi news/development?
Mr. Matt
Mr. Matt:
The first time news got Ben out of bed.
Sully Cortez
Sully Cortez:
This is huge news!!!
Brian Parrish
Brian Parrish:
I'm sure USDT or DOGE will be next
More important news than near term price movements. 😎
Massive news, thanks for covering
Paulo Mendonça
Paulo Mendonça:
Small countries, countries with smaller economies, countries struggling...Crypto is the way to go.
Stanley Josh
Stanley Josh:
Hey! Nice video 👍. I’m actually looking for the best way to start investment and make good profit in it,can someone tell me how to go about it?
Good man Benjamin. You're one of the best on YouTube.
so how to afford processing transaction fees and the long waiting time in the stores if they pay via bitcoin ? if use cardono i can understand ... so bitcoin going legal tender probably only for the rich in the country
I like how you put out the first video after it passed for someone who doesn’t put out the news!
I thought this cycle is about institutions and the next one about countries 🤔
Bing Crosby
Bing Crosby:
This is how Bitcoinization starts, first small countries than small Central Banks and the domino will keep falling.
Cathode raYTube
Cathode raYTube:
What is Historic is how big Ben's facecam is this video. A new All Time Huge!
Alexánder Vázquez Pazo
Alexánder Vázquez Pazo:
Wasn’t japan the first country to accept bitcoin as legal tender already?
This would be huge deal if El Salvador stop accepting dollar, otherwise, they are not the first ones to do this.
Adrian Aquattro
Adrian Aquattro:
Game over! Now IMF can hold a digital asset in their basket. Which one will they select? 🤔
Charlie Finn
Charlie Finn:
Thanks for the video 😍
Aunt Jemima's Revenge
Aunt Jemima's Revenge:
Thanks for the pep talk bubba. Easy to forget fundamentals when you see a sea of red.
I would have jumped on YouTube as well at the moment of that passing; archiving history. Chills.
I thought nations were supposed to enter next cycle...
Bloom Tik Bloom
Bloom Tik Bloom:
I don't think it's going up this year to 65k. Too much retail and new money in Crypto this year. Was way overexteded. Most of this was coming then so will more new investors come in soon or this year? Doubt it.
So happy to be Salvadorean!
I like the content and gave it a thumbs up :)
Jeff M
Jeff M:
When other countries trade goods with El Salvador , will the other country have to accept BTC?
I understand its an important news but .... its El Salvador XD .... its like a single city of 6M ppl in any big country (with the difference they are extremely poor thats why their currency is super unstable and why they are interested in any coin like the dollar or in this case the bitcoin to be a way of payment) accepted bitcoin. Not "really" a game changer imo
Nicholas Luis
Nicholas Luis:
Everyone’s depressed, it’s the perfect time to buy bitcoin ...but I’m stuck in Brazil on vacation 🙃
What about the high fees? its a bit expensive to be used as currency
Charlie Buffett
Charlie Buffett:
The country has a GDP of $25 Billion, let's keep things in perspective
"Fairly a big deal" 😂 killing me smalls
Mubacalypse YouTube
Mubacalypse YouTube:
Should we call Forbes to schedule an interview now?
Peer Cipriani
Peer Cipriani:
Imagine the BTC crash if this agreement gets reversed because it doesn't function as a currency because of the transaction fees.
Dan Scholem
Dan Scholem:
You're welcome for jumping back into the cryptoverse.
The Comics Den
The Comics Den:
Max Kaiser thought this info would blow us past the old ATH .... it clearly had the opposite effect because of the manipulation so I think its fair to say long term buying BTC right now is a no brainer .
Adrian Hicks
Adrian Hicks:
Can we have an estimation of the next all-time high? $75,000 / $80,000 / or $100,000 ?
Now you have a prominent government official saying that DeFi may be illegal. He thinks that because banks are regulated but Defi isn’t, it puts banks at a disadvantage. My guess is that banks will use this as an excuse to become deregulated (and out of control again).
Cristián Navarro Parraguez
Cristián Navarro Parraguez:
So it's no coincidence its called 'El Salvador' (the savior)
richard sewgolam
richard sewgolam:
Well I guess that's it then, crypto currency is in a Bear market right ?

I think you wouldn't go in to crypto as a country in a bull market right ?
Miguel Correa
Miguel Correa:
Double peak cycle in the making
guy levy
guy levy:
is this mean that if bitcoin a leagal tender can it be view as foreign currency and not asset?
Rayo Visual
Rayo Visual:
El Salvador literally saving the bull run
Nick A
Nick A:
One country at a time…
Ben, dont be so sad!! It will pump soon! It a bear trap!
Renārs Lazdins
Renārs Lazdins:
Yeh man it's a weird time.
Super beerish charts but super bullish sentiment 😂😂😂 I'm 50% in crypto 50% in fiat just in case 😏 it dips lower.
Pare G
Pare G:
not exciting anymore for EL Salvador announced Bitcoin as a legal tender coz it's not a first country, Japan has done for Bitcoin since 2018 nothing surprise and nothing can change the trend like 2017 and 2018 China crackdown was the same trend of US crackdown on Bitcoin
Don Juan
Don Juan:
This is awesome news.
Us knowing the inconsistency of the death cross in the sense that it almost as often shoots up afterwards would'nt it be reasonable to assume that with the strong fundamental changes?
Wolfgang Andrew X
Wolfgang Andrew X:
Far more than the passing of the bill. They also spoke about mining BTC using renewable energy for the country's coffers, and for a deposit of 3 BTC you can also get residency there. they are going all in
Or we are already in the bear market, and we will be out of it sooner than usual. You can say it either way
Father Ben being truly impressed means this is truly Historic! But all jokes aside, this is really surreal!
michael del zitti
michael del zitti:
El Salvador is doing this way to soon. Perhaps the volitility will lighten in the future. Now it's still a roller coaster. I Don" t think it's a good idea. They may find out the hard way and THAT could really hurt BTC. But NOT Blockchain.
Party Farm
Party Farm:
doge coin has a higher marketcap than el salvador.
Jacob Hyde
Jacob Hyde:
I don't think the bill has been passed yet, but proposed. That said, I think the president's party has majority control of parliament so the chances of passing are high!