Government regulatory attacks across China, Britain and others have defeated Bitcoin from its peaks, but El Salvador has made a staggering announcement that it has legalized the cryptocurrency, which can be used to pay government taxes and to buy and promote products and services.
This segment of What’s Ahead warns that, for reasons, El Salvador’s resolution is not a lifeline. In fact, it will backfire, damaging the reputation of cryptocurrencies and giving ammunition to those who need to repress their use.