The Political Landscape of Bitcoin

Bitcoin's political implications have intensified, particularly following El Salvador's groundbreaking decision to recognize it as legal tender. President Nayib Bukele's move, announced in September 2021, faced criticism from various stakeholders, yet he proceeded with ambitious plans, including the development of Bitcoin City powered by geothermal energy. While other nations like Mexico and Russia are speculated to consider similar measures, El Salvador remains unique in this regard. Conversely, countries like China have taken a hardline approach against Bitcoin, imposing strict regulations that have driven many crypto businesses away, yet the country surprisingly remains a significant player in Bitcoin's hash rate.