Why Legacy Insurance May Not Protect Adopters Of Bitcoin

Law360 (June 10, 2021, 1:41 PM EDT) -- On June 9, El Salvador became the first country to adopt a Bitcoin standard. The law passed by El Salvador's legislative body deems Bitcoin legal tender, meaning it can be used to satisfy any monetary debt, and means that the country will buy the digital asset for its treasury reserves.[1]

In the wake of President Nayib Bukele's announcing these plans at the Bitcoin 2021 conference in Miami on June 5, lawmakers from Paraguay, Panama, Brazil, Mexico, Argentina, Ecuador and Tonga expressed support for Bitcoin as legal tender and a treasury reserve asset.[2]

Despite a significant price correction last month, the price...

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