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Legacy financing on the brink of collapse in Afghanistan is a major pointer at this time to establish what cryptocurrency is capable of. Cryptocurrency cannot fix everything, but it can serve as an alternative financial system.
Michael Saylor expressed: “The universe is reorganizing itself around Bitcoin.”
The price of Bitcoin has increased in value over the past 2 weeks. The BTC dominance levels have gone down significantly as Altcoins like Ethereum, Cardano, Binance Coin, and Tether have improved their market caps in the cryptocurrency economy.
The top 10 coins in the cryptocurrency market in terms of market capitalization contribute to 80% of the $2.36 trillion crypto market economy.
Bitcoin (BTC)), Ethereum (ETH), Cardano (ADA), Binance coin (BNB), Tether (USDT), Ripple (XRP), Solana (SOL), Dogecoin (DOGE), Polkadot (DOT), and USD Coin (USDC).
Meanwhile, several users on the social media platform are planning to buy $30 worth in Bitcoin on September 07, 2021, to mark the legal adoption of BTC in El Salvador. This price co-ordination is expected to work like the online campaigns which targeted meme stocks like GameStop Corp.
El Salvador has already started installing Bitcoin ATMs to permit citizens to convert the token into U.S. dollars. The government is creating a $150 million fund to back the conversions of Bitcoin to U.S. dollars. Salvadorans will thus be able to download the digital wallet from the government, enter their ID number to receive $30 in Bitcoin, according to Finance Minister Alejandro Zelaya in the past month.
While much is being said, whether such coordinated price pumps will become a reality is something we are yet to see.
Meanwhile, a poll revealed that the majority of El Salvadorians do not want Bitcoin. Many of them are not in agreement with the government’s decision as they are not sure of how to use it. They are distrustful of the project. Many of them believe that lawmakers should repeal the law, which makes it legal tender.
The focus of the government is to boost jobs and economic development, eventually making El Salvador less reliant on US dollars, which is their current legal tender. Several El Salvadorians think that the major beneficiary of this plan will be the wealthy, foreign investors, business leaders, and governments.
Many of them think there will be a lot of negative effects if they use Bitcoin. By the end of September, we will be able to see the attitudes of Salvadorians towards BTC.
