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Honduras signals intent to follow neighboring El Salvador in making Bitcoin legal tender

23 Mar 2022 By : Coin Gabbar
Honduras signals int

Honduras may be thenext country to adopt Bitcoin as legal tender – a move that would rock thelegacy establishment.

Bitcoin-bull Max Keiser initially floated rumors of thishappening in a tweet posted last Friday.
 It read “It’s happening..,”accompanied by a picture of the Honduras flag.
According to Bitcoin LightningNetwork+, the President ofHonduras Xiomara Castro said El Salvadorcannot be the only country to rid itself of dollar hegemony.
“Wemust not allow El Salvador to be the only country escaping dollarhegemony. Honduras has the right to move towards the First Worldcountries.
Now asseen Bitcoin is increasingly seen as an escape from the dollar!
Theysay all fiat currencies eventually go to zero. History shows that rampant debtand currency devaluation only ends one way.
Recently,cracks in dollar dominance have become further evident. As unpopular as it maysound, we might be witnessing the end of the dollar in real-time as entitieslook at alternatives.
For example, talksbetween China and Saudi Arabia to trade oil in yuan haveaccelerated due to dissatisfaction with America’s security commitment to theSaudis. If successful, the move would severely impair the dollar’s oil marketdominance.
Aswell as that, Russia is increasingly turning to the yuan as a response tosanctions over the Ukraine war. It’s reported that Russian firms are scramblingto open yuan accounts to keep cash flowing.
When El Salvadormade Bitcoin legal tender on September 7, 2021,$BTC experienced a 20% swing to the downside bottoming at $42,800.
Thistriggered a downtrend for the rest of September, hitting a local bottom of$39,500 before bulls broke the downtrend, rallying to a new all-time high of$69,000 some six weeks later.
Based on the notionof governmental approval of Bitcoin, September 7 was primarily expected to be acatalyst for a move higher. Instead, the flash crash seen defied expectation.Co-founder of Onchain Capital Ran Neuner suggestedfoul play at the hands of legacy institutions.