Bitcoin Notices Immense Rise In Price Ahead Of El Salvador’s Adoption
There had been a rising movement on the internet community calling for individuals to buy Bitcoin. This is to support El Salvador’s plan to adopt Bitcoin currency as a legal tender. Users on various platforms like Reddit and Twitter are deliberating on purchasing Bitcoin worth $30 en masse. They scheduled the buying on September 7th […]
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Despite all of the existing volatility, El Salvador’s move to legalize BTC has helped pave the way for a digital future helmed by crypto assets. It was September 6, 2021, when the Central American nation of El Salvador decided to go ahead and purchase 200 Bitcoin (BTC), worth about $10.3 million at the time. The day was hailed as momentous in the history of the crypto market and was met with much fanfare. In fact, many proponents claimed that the purchase was just an inkling of what really lay ahead in terms of a global crypto-driven economy.However, a lot has changed since then,....
One of South Africa’s biggest banks, Standard Bank, has reportedly sent account termination notices to clients that offer automated cryptocurrency arbitrage services. Bank’s Criteria Questioned This move, according to a Mybroadband report, has sent shockwaves through the cryptocurrency industry. The sending of the notices has also raised questions about the criteria that Standard Bank is using when making a decision on which accounts must be terminated. For example, Carel de Villiers, the co-founder of an arbitrage trading firm Shiftly, is one individual quoted questioning....
Salvadoran President Nayib Bukele previously announced that El Salvador’s GDP grew over 10% in 2021. El Salvador’s adoption of Bitcoin (BTC) as legal tender in September 2021 has triggered a notable surge not only for its gross domestic product but also for the local tourism development.According to El Salvador’s tourism minister Morena Valdez, the tourism industry in El Salvador surged more than 30% since the adoption of the Bitcoin law in September 2021.“We did a poll to check the activity according to the before and after of Bitcoin. The tourism sector increased in November and....
Small groups of protestors have taken to the streets one week before El Salvador adopts Bitcoin as legal currency. Protests against the Bitcoin law are becoming more common ahead of it taking effect on September 7th.
The country’s central bank chief does not see the recent Bitcoin adoption move hampering plans to secure an IMF loan. Douglas Rodriguez, president of the Central Reserve Bank of El Salvador, has dismissed fears that the country adopting Bitcoin (BTC) as legal tender will scupper plans for a $1.3-billion loan facility from the International Monetary Fund (IMF).According to Bloomberg on Tuesday, Rodriguez stated that the central bank does not see any risks associated with the Bitcoin Law even as it prepares to secure an extended loan facility from the IMF.Indeed, the central bank described....