Recently, El Salvador was in the news headlines because of its vast steps towards cryptocurrencies and their acceptance. It was the first currency to accept bitcoin as a legal tender, and therefore, it was in the headlines for a very long period. Because of the acceptance of cryptocurrency in its legal system, the country doubles its bullish outlook on digital coins. Also, it paid off for the recent decrease from the high records of the bitcoin prices. Furthermore, El Salvador was a country that joined in the bitcoin week, which was an event hosted by the partnership of two conferences and a spate of parties. Huge giants of the cryptocurrency industry also celebrated the alliance of different digital tokens to become a game-changing counterpart of the globe.
The organisers and the participants wore T-shirts and hats with the bitcoin symbol and a cryptocurrency mantra. Therefore, the people who belong to Latin American nations said they are no longer worried about the recent price swings in bitcoin. Also, they said that investing money in bitcoin for an extended period will be beneficial for them.
The basic idea of holding the bitcoin week was the annual Latin America bitcoin and Blockchain conference. It is an event that carries on for three days, and it ends on Friday. Wednesday night, when the first day of the conference ended, hundreds of supporters of bitcoins switched up to Latin music and celebrated in front of the event. They also went for the live music outside the event venue, and they drank beers to celebrate the opportunity. Along with this, they also warned the United States dollar of pending hyperinflation.
A 51-year-old delivery business owner said that El Salvador is a bitcoin country. He also mentioned that dollars seem archaic to him. Schiano travelled from Cordoba, Argentina, to listen to the speech at the Latin American Bitcoin Conference. Earlier this year, he also became a part of the conference which was held in Miami. At the conference in Miami, El Salvador’s President said that bitcoin will become illegal tender in the country. It was the first legal announcement meant by the President of the country.
The currency of Argentina also decreased by 16% against the United States dollars. Commenting on the statement, the ice cream business owner said that he can now only withdraw $200 in American currency per month because of the recent decrease in the value of Argentina’s currency. He said that bitcoin could be the solution to all of this. Even when your country’s currency decreases against the United States dollars, Bitcoin has nothing to do with it. If the bitcoin price is higher in the market, it is equal at the global level and therefore, you are always at a profit.
Many companies providing the services like bitcoin ATMs and cryptocurrency exchanges support the President of El Salvador. Also, they are setting up infrastructure alongside the capital of El Salvador to support the acceptance of bitcoin as a legal tender in the country. While there was the event in El Salvador, the attendees of the trip also decided to visit El Zonte, which is just one hour away. It is the place where El Salvador first received bitcoin as a legal tender.
Along with the event, there was significant movement in the bitcoin prices. Now, bitcoin has fallen 16% from its highest price of all time. However, it was just on Friday that bitcoin experienced a slight increase in its prices, and for the rest of the week, it was just declining. According to Bitcoin Pro App At the conference held in El Salvador, some speakers also predicted that bitcoin prices could reach even at $400,000 or $1 million in the coming years.
The CEO of a Guatemala based bitcoin exchange made a statement on the declining prices of cryptocurrencies. He stated that it has nothing to worry about even if the cryptocurrency prices are falling significantly. In his statement, you mentioned that the people willing to hold bitcoins for an extended period have nothing to do with the short-term increase or decrease of the prices.
Bitcoin has experienced a 13-year long-term bull market, and hence, the prices are also expected to increase in future. In addition, he added, there had been a significant increase in the number of crypto clients exchanges in the past year. The increasing inflation follows the increase in clients on cryptocurrency exchanges in the United States. Also, the new clients for cryptocurrency exchanges are older people from 45 to 65 years.