Bitcoin Gains More Relevance as El Salvador Considers Legal Tender Use
Login

Bitcoin Gains More Relevance as El Salvador Considers Legal Tender Use

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:


The President of El Salvador, Nayib Bukele, has announced his administration’s plans to make Bitcoin (BTC) a legal tender in the country. President Bukele announced at the ongoing Bitcoin 2021 Conference in Miami.

The president noted that he would forward a bill to this effect to Congress next week. That said, if approved, El Salvador would become the first sovereign nation to legalize Bitcoin as a legal tender, alongside a fiat currency.

Bukele argued that the regulatory actions taken by global central banks against BTC could negatively affect the economic stability of El Salvador. The president added that the move would create massive job opportunities for the population and foster financial inclusion for thousands of citizens.

That said, the Central Reserve Bank of El Salvador will adopt Bitcoin as part of its reserves, while citizens would have the freedom to make transactions using the benchmark cryptocurrency.

President Bukele also noted that the government has partnered with Strike, a prominent digital wallet company, to develop a modern financial infrastructure on the blockchain.

Jack Mallers, the founder of Strike, noted that the move would be a “shot heard round the world for Bitcoin.” Mallers also notes that the undertaking will release the full potential of Bitcoin for daily use cases on “an open network that benefits individuals, businesses, and public sector services.”

Key Bitcoin Levels to Watch — June 6

Bitcoin appears to have ended the first week of June on a poor note, despite starting on a footing. The primary cryptocurrency has fallen below the tripwire and is currently struggling to stay above the $36k psychological level.

BTCUSD – Hourly Chart

The primary cryptocurrency needs a break above the critical $36,600 level, where the 200 and 50 SMAs reside. That said, we do not expect the cryptocurrency to fall too far from the tripwire in the event of a bearish wave over the coming hours and days.

Meanwhile, our resistance levels are at $36,600, $37,000, and $37,500, and our key support levels are at $35,000, $34,200, and $33,000.

Total Market Capitalization: $1.63 trillion

Bitcoin Market Capitalization: $673 billion

Bitcoin Dominance: 41.1%

Market Rank: #1

 

You can purchase crypto coins here: Buy Coins

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News