Bank

Bitcoin

El Salvador continues its mission to buy one Bitcoin daily despite continued selling pressure as the crypto markets plummet. CoinMarketCap data indicated that Bitcoin is down to $57,557.72 at the time of writing, 4.26% lower in the past 24 hours. The coin’s market cap is also down by 4.18% in the past 24 hours. This price plunge is the lowest BTC has seen since April.
Also read: <a href="https://www.cryptopolitan.com/polymarket-bets-surge-on-biden-dropping-out/" rel="noopener noreferrer nofollow">Polymarket bets surge on Biden dropping out of the rac</a>e&nbsp;
The current crypto market crash has been pinned to the bearish sentiment around Mt. Gox’s repayment, which led to panic selling. Mt. Gox, a defunct Japanese crypto exchange, will begin repaying its creditors approximately $10 billion in BTC and BCH in the coming week. While multiple analysts suggest that this event will not strain the crypto markets, the bears have taken over, plunging various coins.
El Salvador’s president Nayib Bukele remains pro-Bitcoin amid the crypto market crises. In March, Nayib posted on X that the country would continue buying BTC until the coin became ‘unaffordable with fiat currencies.’ Later in the month, El Salvador’s president commented on the country’s bitcoin holdings, which were about 5,700 BTC.&nbsp;
Nayib also posted on X that he moved the country’s BTC holdings to a cold wallet as a safe option for storing the investment. At the time, the moved BTC amounted to over $400 million. El Salvador’s president published the wallet’s address on X the same day.
<h2 id="span-style-font-weight-400-el-salvador-explores-a-bitcoin-bank-span">El Salvador explores a Bitcoin bank</h2>
In June, President Nayib Bukele suggested introducing a Bitcoin Bank in El Salvador to facilitate Bitcoin and USD transfers. His senior Bitcoin Advisor, Max Keiser, relayed the news on X, stating it as a groundbreaking move by Nayib Bukele two weeks into his second term.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 President Bukele hits ground running in new term with new legislation establishing a <a href="https://twitter.com/hashtag/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#BITCOIN</a> BANK in 🇸🇻
 – Borrowers can collateralize their pristine, no counter party risk <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Bitcoin</a>
 Billions of <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Bitcoin</a> will flood into El Salvador upping GDP
 🇸🇻 credit rating hits IG within 24… <a href="https://t.co/1olq9OWy6k" rel="noopener noreferrer nofollow" target="_blank">https://t.co/1olq9OWy6k</a>
 — Max Keiser (@maxkeiser) <a href="https://twitter.com/maxkeiser/status/1801727921482092554?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">June 14, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Keiser commented on the plan as a doorway for investors to collateralize BTC with no counterparty risks. Max Keiser highlighted his idea of BTC as a reserve currency in 2019 despite many overlooking it.
<blockquote>
 “As predicted back in 2019 when I coined the the term ‘Global Hash War’ to describe nations switching from trying to ban<a href="https://x.com/hashtag/Bitcoin?src=hashtag_click" rel="noopener noreferrer nofollow" target="_blank"> #Bitcoin</a> to hoarding BTC as a strategic reserve.”
 <a href="https://x.com/maxkeiser/status/1808647032615444911" rel="noopener noreferrer nofollow" target="_blank">Max Keiser, El Salvador’s Senior Bitcoin Advisor</a>
</blockquote>
Max mentioned that the country’s GDP will increase as billions in BTC flood El Salvador’s markets. Other factors, such as credit ratings, will also rise in approximately 24 months.&nbsp;
<h2 id="span-style-font-weight-400-argentina-endorses-btc-span">Argentina endorses BTC</h2>
On June 25, Argentina’s President Javier Milei supported BTC on X, encouraging currency competition. Milei mentioned that anyone wishing to use BTC can do so without issues. He added that businesses wanting to use other units, including WTI and BTU, could leverage the most appropriate ones.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 Habrá libre competencia de monedas así es que si querés usar el Bitcoin no habrá problemas… y también podrás usar otras unidades como el WTI, BTU y la que te resulte más acorde en tu negocio… Es más contablemente se resuelve por el método de moneda funcional…
 — Javier Milei (@JMilei) <a href="https://twitter.com/JMilei/status/1803462625893704118?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">June 19, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Also read: <a href="https://www.cryptopolitan.com/bitcoin-miner-capitulation-cryptoquant/" rel="noopener noreferrer nofollow">Miner ‘capitulation’ in the Bitcoin network nears FTX implosion levels, CryptoQuant</a>&nbsp;
Argentina is also forming strategic partnerships with El Salvador to initiate the adoption of BTC. Javier Milei, elected in November last year, promised to improve Argentina’s economy, with one option being joining the evolving crypto sector.
Cryptopolitan reporting by Collins J. Okoth

El Salvador continues to purchase 1 BTC a day despite uncertain Bitcoin markets

Table of Contents

Cryptopolitan_News

Outros artigos publicados em 4 de jul. de 2024

Kamala Horris Price Soars 50% As Joe Biden Meme Coins Tumble, And Experts Say This GameFi Token I...

KangaMoon Leaps Forward, Leaving 1inch and Toncoin in the Dust

Investor Withdraws Major Tokens from Binance

Justin Sun Offers to Purchase Germany’s $2.3B Bitcoin Reserve

FoundationLogic Unveils Silent Home Miner at Mining Disrupt 2024

Analyst Predicts Bitcoin Price Target at $35,000

Join our free newsletter for daily crypto updates!