PRViously on Crypto: El Salvador’s Country wide Bitcoin Adoption while $BTC, $ETH and $ADA Dips
It’s a brand-new week in the cryptoverse and there’s a lot to unpack! As the time ticks faster for our upcoming The Great Migration ✨, a rollercoaster of events occurred in just over a week. Want to catch up with the latest trends and hottest news? Well, we got you covered! 😉
PRViously on Crypto, $BTC is now a legal tender, the recent top three crypto dips, and the massive adoption after El Salvador!
So before we dig deep with PRV HODLing and Hacking The Vault, we got your back in keeping you updated with the week’s top headlines!
El Salvador: $BTC as Legal tender
From leaks that $BTC is coming to Twitter, to one of the official legal tender of a country! El Salvador makes history in adopting the number 1 crypto by market cap available.
Three months after its parliament passed the historic vote, El Salvador’s Bitcoin Law officially came into effect on September 7, 2021.
So what will be its effects? This would mean any Salvadoran will now have the option to use $BTC as payments using their state-issued Chivo Wallet either to pay for meals in McDonalds (the first fastfood chain giant to adopt to $BTC as payments, another history! 😝), to buying groceries to every store!
However, this has been met with mixed feelings and opinions inside and outside the country.
On a positive note, Konstantin Anissimov, executive director of crypto exchange CEX.IO, said that $BTC offers significant financial help for countries with weak economies like El Salvador.
But, as many as 70% of the total population are against this adoption. Back in August, some retirees even protested with the Bitcoin Law, in fear that their pension would be paid in Bitcoin by their government. These protests became more and more common prior to its official adoption as people filled the streets of El Salvador.
Nevertheless, this adoption will be the start of something great 🤩
Top three major crypto by market cap, dips a day after El Salvador’s adoption!
While this week has been a great week for a lot of traders and HODLers, $BTC at 50k, $ETH reclaiming 3.5k, and $ADA claiming its all time high at 3.1 USD! 🥳, this week has also been a challenge as the total crypto market cap tanked by 13% in 24 hours according to CoinGecko.
This flash crash accounted for 11% and 15% losses from Bitcoin and Ethereum, respectively, and a hefty 17% from Cardano.
But of course, there’s nothing to worry about! 😉 This is just an opportunity to buy the dip and hoooooodl!
Like in the case of El Salvador, President Nayib Bukele tweeted that his government had “bought the dip,” adding 150 $BTC to its current 400 $BTC, bringing the country’s total holdings to 550 BTC. 🎉
Such a best move ahead of a rocky start from the adoption!✨
Massive adoption plans after El Salvador!
Lastly, this weeks’ highlight involves the effect of El Salvador’s adoption. Right after El Salvador’s historic move, a lot of rumors and plans for adoption have already been sprouting in the cryptoverse.
A bill recognizing Bitcoin as a payment alternative has emerged in the Country of Panama. This bill will also give its residents the freedom to use other cryptocurrencies!
Ukraine also has the same move as their parliament passes the second reading of their Virtual Assets Bill, recognizing $BTC and other cryptocurrencies as legal🤗
VISA executives in Brazil also plan to implement crypto assets such as Bitcoin onto the payments platform.
There seems to be no stopping from countries adopting and recognizing cryptos all over the world! And that’s just the beginning.
Even Charles Hoskinson, Cardano founder, believes that after El Salvador’s adoption, more countries will surely follow as such adoption is a major win for the cryptocurrency industry.
This is just the beginning! 🤗 as the race to the adoption to cryptocurrency emerges at a rapid phase, late comers may regret hesitating.
And that’s a wrap on this week’s PRViously on Crypto! The future is bright for the start of crypto adoptions, and we can’t wait alongside with you when that finally comes!
Meanwhile, our much-anticipated PRV 2.0 is right around the corner! So make sure to be kept updated on our latest announcements 📢 and keep on hodling!!