Central America fragments into competing Cryptocurrency pump and dumps

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A Hunger Games style Cryptocurrency battle has broken out in Central America. This week El Salvador made history by officially adopting Bitcoin as a national currency. Until then no other country has yet to fully adopt a Cryptocurrency on a national level but now all the other Central American countries are reportedly jumping on the bandwagon to try and get an upper-hand as “Crypto” continues to expand worldwide.

Critics – of which there are, surprisingly, only a few – have reprimanded the initial move by a country renowned for its violence, corruption, and impoverishment, declaring the strategy “the most thinly-veiled of pump and dumps” by the country’s elite. Citizens, many of whom live rurally with no concept of blockchains or crypto-anything, have also opposed the move saying to the government “First you made us adopt USD, and now Bitcoin? C’mon Solana (SOL) has much more room for growth, ay caramba!”

Despite these criticisms, it seems the rest of Central America is on a crash course for a winner takes all Crypto competition. Cryptocurrency being one of the greatest inflationary assets of our time, there is a de facto arms race taking place to back the right coins as they battle for prominence. Still in relative infancy the Crypto market remains highly volatile and, conceivably, an impoverished nation could lift itself into prosperity if a gamble on the right Crypto pays off. With so many coins available though not all are destined to succeed and, even if they are not all mutually exclusive, there remains a fierce competition to establish the pre-eminent coins.

Costa Rica has made the first retaliatory move and is preparing to arm itself with Ethereum, the other of the two hegemonic Cryptocurrencies/Blockchains. Ethereum has seen it’s price surge from $730 to over $4,000 this year alone and it remains a highly-popular coin and blockchain. At current pace projections indicate it could reach $9,000 a coin.

Panama has announced it will be staking it’s future on the fast-rising Cardano (ADA) while the Mexican Government is looking to utilize privacy-focused Monero (XMR) which may or may not be useful as the government continues to wage war against corruption and the deadly cartels which control much of the country. Meanwhile, Belize looks to let fly with Ripple (XRP) as the currency’s long battle with the SEC looks to be on the verge of a positive outcome. Elsewhere, Guatemala is all in on the unwieldy Bitcoin Cash (BCH) and Nicaragua is going straight ICP gang. 

With fewer choices remaining between the major cap coins the Honduran government thought long and hard about which direction to go and still managed to confound literally everyone by backing Tron (TRX), the long-derided currency named after the popular computer game and associated movie franchise. However, in an effort to assure it’s citizens of the credibility of the project the President of Honduras has also announced an exclusive series of Honduran NFTs Non-Fungible Tokens) to accompany the adoption of a national Cryptocurrency. The NFTs, which he expects to be a hit, will be a unique series of portraits of famous Hondurans drawn by the President’s own four year old son.

Returning to El Salvador – the government is trying to stay one step ahead of the competition, and also their own citizens, the government has announced a partnership with Socios to create their very own Salvadoran Citizens Token. The token ostensibly allows citizens who purchase one of these tokens, unironically from the government, to be able to participate in country-wide decision making by marking assassination targets, earn rewards like complimentary police crackdowns, and vote on community related matters like which gang has the best colors. In practice though, token voting power is assigned on a wealth-based exponential curve so the wealthier you are the more votes you get. 

For now, the battle lines have been drawn and from this moment only time, and millions of bots shilling these adopted coins on Discord, Reddit, and Twitter, will tell which of these countries explode into prosperity or crumble into techno-dystopian ash.

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