Cryptocurrency entrepreneurs have had a rough couple of months. Crypto coins have had a great recession over the last three months. The recession has seen Bitcoin fall from $46,000 to $19,000; as of august 2022, it’s going to $22,000. Investors experienced the worst of the turn. Some exchange platforms crashed as others filed for bankruptcy. Investors saw their investments halved or, to some, reduced to zero (luna), which has affected cryptos’ popularity.
One of the most affected investors is the Republic of El Salvador. The country is one of the two in the world that have adopted and made Bitcoin a legal tender. One of the most affected investors is the Republic of El Salvador. The country is one of the two in the world that have adopted and made Bitcoin a legal tender. Despite all this, El Salvador intends to issue Bitcoin-backed bonds, per the country’s finance minister. Due to the adoption of Bitcoin, El Salvador has seen an expansion in its access to financial services for locals, a rise in investment, and a massive increase in tourism. The fruits of adopting Bitcoin are many, and this seems to be the motivation pushing the government to invest even more in Bitcoin.
The Millennial leader of El Salvador tweeted on May 9th that they have bought more bitcoins and added to their investment. They bought another 420 Bitcoins. Countries like El Salvador and The Central African Republic are setting the pace for crypto adoption. They are setting standards high for even other more advanced countries than them. Crypto adoption has many advantages, especially for inflation-filled countries and most third-world countries. Africa is a third-world continent, and Bitcoin adoption as a legal tender is a good base for the economic explosion in the continent.