2024

Bitcoin

Mundo

Gains

<ul class="list-ic vertical">
 <li><span>1</span> <a>El Salvador president Nayib Bukele is proposing the establishment of private banks for Bitcoin.</a></li>
 <li><span>2</span> <a>Bitcoin is currently trading near the value of $66k after testing the support of $65k in the last 24 hours.</a></li>
</ul>
<p><strong>Nayib Bukele</strong> is a pro-Bitcoin president from <strong>El Salvador</strong>. The president has also established a geothermal Bitcoin Mining plant and added over 453 Bitcoin to his country’s treasury. As per the El Salvador government office, they currently hold over 5750 Bitcoins worth around $350 million.</p>
<p><strong>Nayib Bukele</strong> is now proposing the establishment of private investment banks within the nation for Bitcoin. If approved, it will cater to domestic and foreign investors and face fewer restrictions than traditional banks.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">El Salvador President Nayib Bukele has proposed setting up a private investment bank to provide financial services to Bitcoin investors and reduce the restrictions of traditional banks. The bank will allow investors to trade in both US dollars and Bitcoin and may become a digital…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1801784015101563294?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 15, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<p>On June 14th, the <strong>El Salvadoran </strong>ambassador to the United States, Milena Mayorga, posted on X, highlighting their plan to establish the bank of private investment. Meanwhile, Ark Invest CEO Cathie Woods has forecasted that El Salvador’s real GDP could grow strongly in the coming years. The decision came only two weeks after the sworn-in of Nayib Bukele for a second five-year presidential term. He won by a landslide victory in the elections held.</p>
<center>
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">As part of our economic plan for El Salvador, we propose a BPI, Bank for Private Investment, where we can diversify the financing options offered to potential investors in Dollars and <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Bitcoin</a>. <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f680.png" alt="🚀" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://twitter.com/hashtag/BitcoinBank?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#BitcoinBank</a><a href="https://twitter.com/hashtag/EconomicFreedom?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#EconomicFreedom</a> <a href="https://t.co/3hfwVvTSeX" rel="noopener noreferrer nofollow">https://t.co/3hfwVvTSeX</a></p>— Milena Mayorga (@MilenaMayorga) <a href="https://twitter.com/MilenaMayorga/status/1801647468695667198?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">June 14, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
<h2 class="wp-block-heading" id="strong-what-is-in-the-draft-of-bpi-strong"><strong>What is in the Draft of BPI?</strong></h2>
<p>According to the El Mundo article Milena shared on X, the Legislative Assembly’s Technology, Tourism, and Investment Commission has reviewed the draft reform. The draft was presented by President Nayib Bukele and presented by Minister of Economy María Luisa Hayem. The draft outlines the creation of private investment banks with a minimum share capital of $50 million and at least two shareholders, which can be potentially foreign. These banks will cater exclusively to sophisticated investors with assets of $250,000 or $500,000 and investment experience. They can also conduct operations in any legal tender, including Bitcoin and Dollar.</p>
<p>The draft exempts these banks from certain current restrictions, such as prohibitions on foreign contracts linked to shareholders and loan limits. The legislators have yet to vote on the reform or consult officials on its objectives.</p>
<h3 class="wp-block-heading" id="strong-bitcoin-price-hits-the-support-of-65k-strong"><strong>Bitcoin Price Hits the Support of $65k</strong></h3> 
<p><a href="https://in.tradingview.com/chart/BTCUSD/TxXSMtBb- </a> by <a href=" https: in.tradingview.com u ritika_tcr rel="noopener noreferrer nofollow">Ritika_TCR</a> on <a href="https://in.tradingview.com/" rel="noopener noreferrer nofollow">TradingView.com</a></p> 
<p><strong>Bitcoin</strong> has a market cap of $1.3 trillion and is currently the 1st in the <a href="https://www.thecoinrepublic.com/2023/08/24/deciphering-the-cryptoverse-the-multifaceted-societal-impact-of-cryptocurrencies/" target="_blank" rel="noopener noreferrer nofollow">cryptoverse</a>. Bitcoin’s 93.87% of the total BTC supply is presently circulating in the market. BTC is trading near the value of $66238, with a loss of 0.89% in the past 24 hours and 4.54% in the past seven days.</p>
<p><strong>BTC </strong>is currently forming weak bearish candles on the daily chart. It is trading below the 50 and 100 EMA. The upside trend of BTC price can see a halt near the value of $70k while the support for the price can be near $65k.</p>
<p>The RSI of BTC is currently near 43, suggesting its presence in the neutral zone. The overall sentiment of the RSI is bearish in nature.</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>El Salvador has proposed a BPI for Bitcoin, which will push the adoption of BTC more and create more value for the country’s GDP. BTC is currently observing a consolidated momentum but can see a new high in the future.</p>

BPI For Bitcoin Gains Momentum, But The BTC Price Couldn’t Take Off

Table of Contents

Thecoinrepublic.com

Other articles published on Jun 15, 2024

Tate Devil (TATEDEV) Memecoin Will Surge 11,000%, Looks to Challenge Shiba Inu and Dogecoin

MoonBag Blasts Off With Stellar Staking Rewards While Book Of Meme And Bitbot Fizzle Out

Riding the Dex Wave: Moonbag Reigns Supreme As The Top Memecoin Presale in 2024, Leaving Bitbot a...

Bloomberg Analyst Predicts July 2 Launch for Spot Ethereum ETF

Investors Ditch Notcoin and Solana for MoonBag as Presale Hits $2.2M Within 1 Month

Is Bitcoin Pricey At Current Levels? 'Rich Dad, Poor Day' Author Robert Kiyosaki Says King Crypto...

Join our free newsletter for daily crypto updates!