Bitcoin and cryptocurrencies have skyrocketed in the last few months, with Bitcoin prices reaching a high of about $ 52,000 per Bitcoin. This is up from less than $ 30,000 just a few months ago.
Prices for the top 10 cryptocurrencies Ethereum, Cardano, Binance BNB, Ripple’s XRP, Solana and Dogecoin have also skyrocketed in recent weeks, with most major cryptocurrencies far outpacing Bitcoin’s latest rise.
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Currently, the country of El Salvador in Central America is preparing to adopt Bitcoin as fiat currency alongside the US dollar this week. Social media users are adjusting their Bitcoin purchases to match the $ 30 worth of Bitcoin distributed to all Salvadorans.
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“Clearly, people in Brazil and around the world bitcoin the local fiat currency worth $ 30 on Tuesday, September 7th to commemorate the El Salvador legislation that creates the open source decentralized and sneaky fiat currency. We are planning to convert it to coins, “said Alex Gladstein, Chief Strategy Officer of the Foundation and a proponent of Bitcoin. twitter, Share the Reddit link to the Bitcoin community’s call to weapons.
Reddit’s r / bitcoin 3.3 million user-widened Bitcoin buying plan uses Gamestop to recall tuned pile-ins similar to so-called meme stocks and meme coins.
“I meant this as more support gestures, not pumps,” writes Reddit user thadiusb. “This is the first time the country has adopted Bitcoin. This is an important time for Bitcoin. For those who are still on the fence about it, let’s show El Salvador that Bitcoin is valuable to them. And for everyone. Bitcoin makes sense. “”
In June, it was revealed that all adult citizens of El Salvador would receive $ 30 worth of Bitcoin when they downloaded and registered the government cryptocurrency app. Plans to officially adopt Bitcoin as legal tender were revealed at the Bitcoin conference in June by President Nayib Bukele of El Salvador and rushed through the national parliament with little scrutiny. In recent weeks, some Salvadorians have protested the adoption of Bitcoin, and polls show that it fears it will promote corruption and enrich the elite.
The region and countries around the world are closely watching for signs of success in El Salvador. Bukele predicts that the use of Bitcoin will reduce the high cost of sending money to family and friends around the world.
“One of the reasons we passed the Bitcoin Act is to help people send money,” Bukele said earlier this year.
However, the International Monetary Fund (IMF) has warned that the adoption of Bitcoin could destabilize the economy and expose the government and the general public to additional foreign exchange risk.
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Despite the Bitcoin and crypto markets in preparation for this week’s Bitcoin quake in El Salvador, some market watchers aren’t expecting a big move until the $ 50,000 mark reaches a stronger level of support.
Jordy Pasquale, CEO of Bitcoin-focused hedge fund Bitbull Capital, commented in an email. “But we’re still struggling to raise $ 50,000 to a strong level of support, and we won’t see much of a move until that happens.”
Although smaller cryptocurrencies have outstripped Bitcoin in recent weeks, Bitcoin is still considered the driving force of the market.
“Ethereum soared after a long integration and covered the entire market with it,” Dipasquale added. “Altcoin [including cardano, Binance’s BNB, Ripple’s XRP, solana and dogecoin] In general, it has shown good performance over the past few weeks, but overall market sentiment depends on finding a strong foothold for Bitcoin over $ 50,000. Bitcoin is expected to hit record highs this year, especially from October to November. “