Central bank officials are increasingly predicting that interest rates will rise next year.
The world’s biggest cryptocurrency had a boost on Wednesday when the U.S. Federal Reserve announced it would be keeping interest rates near zero for the time being.
However, central bank officials are increasingly predicting that interest rates will rise next year — earlier than first thought.
A huge stimulus program that was launched in light of the coronavirus pandemic is also expected to be tapered down in the coming months.
El Salvador Update
Pictures shared on Twitter showed long queues at Bitcoin ATMs in El Salvador.
Florence S. Olivares, who uploaded the photos, suggested that those waiting in line were trying to convert their crypto back into U.S. dollars.
While she suggested that the images are proof that the country’s Bitcoin Law has failed, others argued that Salvadorans now have greater freedom when it comes to moving money around — and are increasingly getting familiar with the infrastructure that’s in place.