Bitcoin Banking Arrives in Central America
At this point, two out of three people in the world own a smartphone. But in some developing countries, most residents still don’t have a bank account.
That could change soon, though, as El Salvador recently became the first country in the world to adopt bitcoin as legal tender.
With access to the popular cryptocurrency, the nation’s 6 million residents can now take advantage of a variety of financial services.
In today’s Market Insights video, my colleague Steve Fernandez and I discuss why El Salvador’s new legislation is an important step in bitcoin’s path toward becoming a global currency.
Editor, Strategic Fortunes
My career on Wall Street started while I was in college. I spent a summer interning for Merrill Lynch in the middle of the ‘90s bull market. I was fascinated with trading, and as a result, after college, I joined Salomon Brothers in the famed mortgage bond trading department. Later, I spent time at Citigroup working with credit derivatives. Eventually, I needed to walk away from the excess of Wall Street. That’s when I joined Banyan Hill in 2017. Now I help readers get ahead of the market and build their retirements.