Cryptocurrency News

Bitcoin Demand in El Salvador is Increasing after President Approves Bitcoin as Legal Tender

When it comes to the idea of decentralization and accepting cryptocurrency as a legal tender, the first name that comes to mind is El Salvador. It is without any doubt that the country has chipped in all of its economic heritage into making Bitcoin a legal tender for the first time; not only has El Salvador made history but immense progress in terms of its economic performance. The Chivo wallet, which was first developed by the state, has secured users from all over the country and is supposed to have about half of El Salvador people registered with the service.

Recently enough, the president of El Salvador has come out on Twitter to share an interesting piece of news which is that the demand for BTC among the El Salvador people is on an all-time high. BTC has become a store of value not only for the locals but also for the international investors and traders; due to the lenient policies of El Salvador regarding crypto, the international crowd and crypto traders are extremely bent towards El Salvador to take their hit at such an intense investment opportunity.

El Salvadorans have Become Crypto Conscious as Awareness Increases

El Salvador people have also understood this concept that the U.S. dollar is not making steady progress in comparison with Bitcoin as the crypto is already above $60K at the time of writing. According to the statistical data recovered from that Chivo wallet, it is evident that more than half of people are pouring their money in the form of USD dollars to buy Bitcoin rather than withdrawing it from their wallets and changing it into fiat currency.

It is not only believed to be a smart move by the El Salvador people but a very important one. This way, they are actually fighting inflation and using crypto as a hedge against it. If they convert all of their money into crypto, such as Bitcoin, and the asset is only going to increase in value according to the latest reports from the analysts as they believe that a new bullish run might be in order for Bitcoin, then this means that their investment is thriving.

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