El Savador’s proposal to allow Bitcoin as legal tender within the country seems, at first blush, insane. However, when you consider that only 30% of Savadorans have a bank account yet there are 150 mobile subscriptions per 100 citizens, you quickly realize that the entire country may soon be able to access basic banking services simply by downloading an App.
Given Bitcoin’s volatility, it may not be the best currency for Salvadorans to hold, however, the underlying technology is demonstrating it can provide broad financial inclusion for the citizens of a nation swifter than any sovereign.
