El Salvador becomes the first country to accept Bitcoin as legal tender

According to the site CNBCStrike founder and CEO Jack Mallers said it would become the “hit heard around the world for bitcoin”.

“What is transformative here is that bitcoin is both the largest reserve asset ever created and a superior monetary network. Holding bitcoin helps protect developing economies from the potential impacts of fiat currency inflation Mallers continued.

Speaking from the main stage, Mallers said the move would help unleash the power and potential of bitcoin for everyday use cases in an open network that benefits people, businesses and public sector services.

El Salvador is a predominantly cash economy, where around 70% of the population does not have a bank account or credit card. Remittances, or money sent home by migrants, accounts for over 20% of El Salvador’s gross domestic product.