Tag Archives: El Salvador

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...

According to investment firm Fidelity, 2022 will be a year in which more countries purchase bitcoin and add the digital currency to their balance sheets as a means of remaining competitive. Fidelity Believes More Nations Will Add BTC to Their Balance Sheets This is a craze that was likely started by the Central American nation of El Salvador, which in the summer of 2021, stated that it would be the first country in the world to declare BTC legal tender. This meant that...

The Central American nation of El Salvador entered into the pages of history as the first country to officially adopt bitcoin as a legal tender on June 9, 2021. Subsequently, the country went on a bitcoin buying spree, taking advantage of every opportunity to acquire more of the popular “digital gold” since it considers it a hedge against the consequences of inflation. A Breakdown of El Salvador’s Bitcoin Purchases El Salvador has made a total of eight BTC purchases to date,...

Abu Dhabi – the capital of the United Arab Emirates (UAE) – has stated that it is looking to become one of the biggest crypto hubs in the world. The region is looking to reduce its reliance on standard gas and oil while boosting its investments in the crypto space. Abu Dhabi and Crypto… A Solid Match? The UAE was one of the first nations to establish regulation for the growing crypto space, having done so in 2018. Since then, many new digital currency trading platforms...

In a bid to bring in regulatory clarity and a framework for the issuance of Bitcoin Bond and securities in the cryptocurrency, El Salvador’s finance minister, Alejandro Zelaya, has revealed plans to send approximately 20 bills to Congress. The Ambitious Bitcoin City According to reports, the aforestated bills will encompass regulations about securities issuance and ensure legal structure and certainty to anyone to wishes to purchase a Bitcoin bond. The Finance Minister,...