New report: El Salvador Bitcoin pump failed to attract smart money, for now
Bitcoin market sentiments remain skewed to the downside even after it becomes a legal tender in El Salvador following a parliamentary nod. Bitcoin (BTC) logged its best daily performance on Wednesday since Feb. 8, the day Tesla announced that it had added $1.5 billion worth of BTC to its balance sheet.The flagship cryptocurrency surged 11.98% to $37,573 after El Salvador President Nayib Bukele passed legislation that approved it as a legal tender. In short, the Central American nation will now be able to price goods and services in BTC and will even accept the cryptocurrency for tax....
Related News
El Salvador has become a hotbed for bitcoin adoption in recent months. As a result, it may come as a surprise that Bitcoin has failed to gain traction in the country, according to a recent survey. Despite this, several businesses are optimistic that BTC will gain traction in the long run. El Salvador became the […]
El Salvador’s first Bitcoin anniversary comes amid BTC losing over 60% of value in one year, but that doesn't really mean that the country’s Bitcoin experiment has failed. Sept. 7, 2022 marks exactly one year since El Salvador became the first country in the world to adopt Bitcoin (BTC) as legal tender by enforcing the Bitcoin Law.Advocating for Bitcoin as legal tender last year, El Salvador President Nayib Bukele promised that Bitcoin adoption would benefit the 70% of the local population that had a lack of access to banking services as of 2021.The Salvadoran government also touted....
Major crypto exchange Binance replied to a report published by media outlet Reuters. The controversial report claims Binance has been key to allegedly support illicit activity around the world, failed to provide assistance to authorities to prevent money laundering cases, and failed at imposing a robust Know Your Customer (KYC) policy. Related Reading | U.S. Links […]
Time to check back with El Salvador. During Bitcoin Week, it was so hectic down there that we didn’t know where to start. Everybody in the Bitcoin space visited San Salvador and El Zonte. The highlight was that President Bukele announced the project to build Bitcoin City and to issue $1B Bitcoin bonds to finance […]
It has been one year since Bitcoin became legal tender in El Salvador. Crypto adoption has not been without issues in El Salvador, but it’s difficult to weed through the different stories about Bitcoin because there are so many competing interests promoting or FUDing Bitcoin. This article will filter through the nonsense and describe how Bitcoin in El Salvador has panned out one year after it became legal tender. Why El Salvador Made Bitcoin Legal Tender El Salvador made Bitcoin legal tender ostensibly for a few reasons. The government cited the following reasons: A significant portion of....