Tag: El salvador
El Salvador's president, Nayib Bukele, has announced stated its nation was investing inside a volcanic source of power for the building and maintenance of such planned Bitcoin City, which will be financed with the proceeds from "large volcanic loans." According to Bukele, there is a good likelihood of discovering a well in the Conchagua volcanic region that will be able to power the entire city on its own.
Users in El Salvador complain about Bitcoins disappearing from their Chivo Wallets, fueling an anti-crypto attitude.
El Salvador, a Central American country, is now dealing with cryptocurrency concerns following individuals reporting unauthorized claims through using administration Chivo accounts. Several New immigrants have recently reported that Bitcoin tokens in their Chivo account have inexplicably vanished.
El Salvador's President, Nayib Bukele, has declared his admiration for Bitcoin once more. Bukele boldly declared in a tweet that the days of fiat money may be coming to an end and that Bitcoin is the "true revolution" that the world is now witnessing. Bukele further stated that El Salvador is at the forefront of the Bitcoin age.
El Salvador keeps buying the dips, doubling down on Bitcoin investments as the cryptocurrency plummets in value.
Bitcoin lost a fifth of its value on Friday, December 4, as a result of billions of dollars worth of selling across cryptocurrencies, driving trade values down as low as $42,000 (approximately Rs. 31.6 lakh) per token. El Salvador's President, Nayib Bukele, took advantage of the market situation and acquired 150 bitcoins at a price of $48,670. (roughly Rs 37 lakh). Bukele has bought a large number of Bitcoins at a discount for the second time in the previous two weeks.
The governor of the Bank of England, Andrew Bailey, has expressed reservations over El Salvador's decision to recognize Bitcoin as legal cash. The bank's CEO voiced alarm about the cryptocurrency market's volatility and questioned if Salvadorans are even aware of the dangers their government is taking. Bailey was speaking at the Cambridge University student union about his thoughts on the cryptocurrency market, which has become a source of concern for numerous governments across the world owing to its uncontrolled and decentralized character.