El Salvador’s Bitcoin play: What does the current slump mean for adoption?
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,....
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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....
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 […]
Everything surrounding the ACES act is almost comedic. U.S. Senators Jim Risch, Bob Menendez, and Bill Cassidy introduced the “Accountability for Cryptocurrency in El Salvador” AKA the ‘‘ACES Act.’’ It’s bipartisan legislation that would allow the U.S. to produce a full report on El Salvador’s post-Bitcoin Law situation. Related Reading | Crypto Regulation: U.S. Senator […]
Reduced remittance costs could prove significant in justifying El Salvador’s adoption of Bitcoin as legal tender. The Central American Bank for Economic Integration (CABEI) has identified remittance as an important aspect of El Salvador’s Bitcoin (BTC) adoption policy.According to Reuters on Tuesday, the regional development bank expects other Central American nations to pay close attention to Bitcoin’s impact on remittance costs in El Salvador.Speaking to Reuters, Dante Mossi, CABEI’s executive president stated that neighboring countries will be incentivized to follow El Salvador’s....
Fidelity's Jurrien Timmer believes that the significance of El Salvador’s Bitcoin move is “a little bit overplayed.” El Salvador’s adoption of Bitcoin (BTC) as legal tender is widely celebrated across the crypto ecosystem, but one expert believes the importance of the rollout was a little bit exaggerated.Speaking to CNBC, Fidelity Investments director Jurrien Timmer said that the significance of El Salvador’s Bitcoin move is “a little bit overplayed.”“Because it’s not like El Salvador has dropped the U.S. dollar as its peg,” Timmer explained. “It’s not like it switched from dollars as its....