Tag Archives: El Salvador

Bitcoin is a limited currency. It is finite and all set to run out someday. While the asset will likely always remain in circulation to some degree, there are only 21 million units of BTC, and about 90 percent of that has already been mined and added to the blockchain. Nayib Bukele – the president of El Salvador – sees this as a good thing. Nayib Bukele Things Bitcoin Is Going to Shoot Up in Price While bitcoin may be limited and thus very concentrated in the future,...

El Salvador – the first country to make Bitcoin legal tender – is now home to a Bitcoin education center. It aims to boost familiarity with the technology and benefits of cryptocurrency among a population still scratching their heads over it. Educating El Salvador The new center has been launched by Paxful – a peer-to-peer Bitcoin marketplace – under the name “La Casa Del Bitcoin”. It will provide “free and accessible learning opportunities” surrounding Bitcoin while helping...

The government of El Salvador and the American financial technology provider – AlphaPoint – joined forces to improve the technology for the Chivo wallet. The feature allows access to bitcoin for millions of Salvadorans. Chivo Wallet With an Upgraded Version Last year, El Salvador put its name in the spotlight after becoming the first state to accept bitcoin as a legal tender inside its borders. The authorities also introduced the Chivo wallet – a crypto wallet where locals...

The International Monetary Fund (IMF) is telling El Salvador to forget about bitcoin for good and to forgo any further plans involving the world’s number one digital currency by market cap. The financial giant is saying that bitcoin is too volatile and risky to be used as legal tender, and it is asking the Central American nation to revert to the old ways of using the U.S. dollar. The IMF Wants El Salvador to Get Rid of BTC El Salvador made history last year when it...

The price of bitcoin has plummeted to a new low. At the time of writing, the world’s number one digital currency by market cap has fallen into the low $33,000 range, losing more than $5,000 from where it was last weekend. While there are many analysts and industry heads out there that are very concerned about the state of the crypto market, some – like Nayib Bukele, the president of El Salvador – are using the dip to their advantage and have bought up more BTC and grown...

The International Monetary Fund (IMF) recently urged El Salvadoran authorities to remove Bitcoin’s legal tender status. They called it a threat to market integrity, financial stability, and consumer protection. Criticizing the Bitcoin Law The IMF publicly revealed its warning in a website statement earlier today, after concluding its Article IV consultation with El Salvador on Monday. Despite noting the country’s speedy post-pandemic economic recovery, it still cited...

Turkey – in the middle of its currency crisis – appears to be taking advice from and meeting with the most unlikely contender: El Salvador. Turkish president Recep Tayyip Erdogan recently met with Nayib Bukele as the country experiences one of the worst national currency crises in its long history. Could Turkey be the next big nation to declare bitcoin legal tender, and what will it learn from utilizing crypto? Will Turkey Be the Next Country to Declare BTC Money? The...

Cathie Wood of Ark Invest believes El Salvador is on the right path when it comes to bitcoin innovation. She is very excited about all the fantastic progress the country has made in terms of BTC adoption, and she’s confident things will only get better from here for residents of the nation. Cathie Wood on El Salvador: The Country Has the Right Idea Wood stated that one of the big things El Salvador has done well is open the doors of an industry that at one time, was very...

Rio de Janeiro – a popular tourist destination in the South American country of Brazil – is looking to become the nation’s biggest crypto hot spot. The city has already laid out plans to begin purchasing bitcoin and add the digital currency to its balance sheet. Rio de Janeiro Wants to Be a Major Crypto Haven Eduardo Paes – the mayor of Rio de Janeiro – explained in a statement that he is currently organizing a committee that will study ways to potentially incentivize...

Moody’s Investors Service recently claimed that El Salvador’s Bitcoin trading activity is boosting the nation’s risk of default. Like most other groups to speak out against the experiment, President Nayib Bukele publicly disregarded their opinion. Moody’s Take On El Salvador The ratings agency discussed El Salvador’s Bitcoin-related risks in conversation with Bloomberg last Wednesday. Analyst Jaime Reusche claimed the country’s Bitcoin holdings “certainly add to the risk...