After the President of El Salvador, Nayib Bukele announced that the Central American country would be entering the Bitcoin market, the Bitcoin market has reacted bullishly to the news and key players are hinting at relocating.
Tron’s Justin Sun looks to open an office in El Salvador
Justin Sun, the founder of Tron has declared interest in relocating as well, with one mission in mind ; to make Tron the first cryptocurrency firm to create a branch in El Salvador.
Taking to Twitter, Sun revealed his plans to community members saying:
“El Salvador is a crypto nation now! TRON will become the first crypto organization to establish an office in El Salvador! Bitcoin TRX.”
Sun, who had initially noted that many cryptocurrency firms would be packing their bags to El Salvador, got a response from the president himself, who emphasized the benefits of the Bitcoin-friendly country.
His response tweet highlights the many upsides of the Central American nation as quoted below;
“Great weather, world class surfing beaches, beach front properties for sale.
2. One of the few countries in the world with no property tax.
3. No capital gains tax for #Bitcoin , since it will be a legal currency.
4. Immediate permanent residence for crypto entrepreneurs.”
El Salvador becomes the United States’ newest competitor
El Salvador just might be giving the United States a run for its money. Since the cryptocurrency market morphed into a globally recognized industry, crypto firms have struggled to mount their firms in a crypto-friendly location, as government crackdowns and strict regulatory policies continue to hinder trading. Binance suffered this fate when it had to relocate from Japan to Malta, one of the few crypto-friendly islands at the time.
With Ripple’s Brad Garlinghouse and “Crypto mum” Heister Pierce, noting that a sizeable number of cryptocurrency firms are moving out of the United States, and into countries with more favorable policies, the U.S might have to buckle up and review its policies once again or risk losing out on a chance to boost its economy by being home to billion-dollar cryptocurrency firms.
Meanwhile, the possibility of pushback from political leaders in El Salvador has been a worry for some cryptocurrency proponents, who noted that political pressure may force the country’s president to backpedal on his decision to accept Bitcoin. But the president is almost certain that the hindrances will hold no water.