Ecuador bitcoin legal tender

Discussion in 'Business & Economics' started by mathman, Oct 8, 2021.

  1. mathman Valued Senior Member

    Ecuador has made bitcoin legal tender, along with U.S. dollars. The country doesn't have its own money. Not surprising, when people get bitcoin money, they convert to dollars as much as possible. Surprise?
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  3. Seattle Valued Senior Member

    That's because everything is still priced in dollars. It's also because they aren't really knowledgeable regarding Bitcoin and it's because the amounts are small (living paycheck to paycheck). So, for the moment it isn't a surprise.

    If you live in the U.S. and you have money to spare you buy Bitcoin as both a speculative investment and as a hedge against the declining purchasing power of the dollar. As time goes on it will mainly be as a hedge.
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