President Nayib Bukele credits Bitcoin for rebranding El Salvador’s legacy in new Tucker Carlson interview
President Nayib Bukele credits Bitcoin for rebranding El Salvador’s legacy in new Tucker Carlson interview Dorian Batycka · 2 hours ago · 2 min read
El Salvador’s President talks to the American TV host about what Bitcoin has done for his country since adopting it in Sept. 2021.
2 min read
Updated: March 7, 2023 at 3:28 pm
Cover art/illustration via CryptoSlate
El Salvador’s adoption of bitcoin as a legal tender has not only fixed the country’s legacy but has also had a significant positive impact on its tourism sector.
According to President Nayib Bukele, in an interview with Tucker Carlson, the tourism industry has increased by 95% since the country embraced Bitcoin.
El Salvador’s ‘Bitcoin Beach’ increases tourism
“We have increased tourism by 95%, and that’s in part because of Bitcoin,” he said. “There’s a lot of Bitcoiners that want to go to the country where bitcoin is legal tender, we have bitcoin conferences,” said Bukele.
The Minister of Tourism, Morena Valdez, also confirmed that the local tourism industry went up by 30% in the first three months after the adoption of Bitcoin.
Following the 2021-2022 cryptocurrency crash, however, the value of bitcoin dropped by 70% compared to November 2021. During that time, President Bukele had invested approximately US$150 million, which was equivalent to 4% of El Salvador’s national reserves, into Bitcoin. In an attempt to manage the cryptocurrency market’s volatility, Bukele frequently announced on Twitter that he was “buying the dip.” In June 2022, he purchased an additional 80 Bitcoins.
Bitcoin has rebranded El Salvador’s image
Apart from the positive impact on tourism, Bukele maintained that El Salvador has received a lot of private investments since adopting bitcoin as legal tender. He argued that the adoption has brought about the rebranding of the country’s legacy, which was once known as one of the most violent places in the world.
The Central American state had reached a peak of 103 killings per 100,000 residents a few years ago. However, with the adoption of Bitcoin, the country has been able to shift its focus to more positive initiatives, attracting investors and tourists alike, with Bukele crediting Bitcoin for helping to rebrand the country.
Bukele’s praise for Bitcoin also stemmed from his criticism of central banks’ actions, such as the US Federal Reserve, which he blamed for devaluing people’s wealth and erasing their savings, prompting consumers to look towards decentralized financial instruments.
Bitcoin as a geopolitical force
“You can’t ban it. It’s uncensorable,” Bukele added.
Bukele’s stance on the benefits of Bitcoin is in line with the growing interest in cryptocurrencies globally. The adoption of cryptocurrencies as a legitimate means of payment is on the rise, with countries such as Ukraine, Nigeria, and Venezuela also exploring the idea of adopting digital currencies.
However, the adoption of bitcoin in El Salvador has not been without controversy. Critics have raised concerns about the cryptocurrency’s volatility, which can lead to a lack of stability in the country’s economy, Bukele admitted.
Some have also criticized Bukele’s decision to adopt bitcoin as an attempt to gain favor with the country’s large population of young people, who are more open to the use of digital currencies. Add to that concerns that the adoption of Bitcoin may not be a long-term solution to the country’s economic problems, and its plummeting price since El Salvator invested in the cryptocurrency.
Despite the criticism, Bukele remains bullish on the prospects of bitcoin, and the positive impact it can have on the country’s economy. He told Carlson that the adoption of Bitcoin has ultimately been a game-changer for the country, and predicted other countries will soon follow suit.
“El Salvador is leading the world in terms of cryptocurrencies. We are making history, and other countries will soon follow.”
How Cardano [ADA] shrugged off losses, extended growth hike across board
- ADA’s price significantly increased as whale transactions reached a monthly peak.
- Holders of the last 30 days jumped into gains.
After enduring a long period in red, Cardano [ADA] investors finally had their day of respite. At the time of writing, the native token of the Proof-of-Stake (PoS) blockchain registered a 9.14% uptick in the last 24 hours. Only Ripple [XRP] outperformed it out of the top 10 cryptocurrencies in terms of market capitalization.
How much are 1,10,100 ADAs worth today?
Stagnant development activity, but whales act as liberators
Although ADA may have edged out the bears, the escape was not without backing from activity on its network. Input Output, the project’s development arm put out a tweet about the Dynamic peer-to-peer (P2P) rollout on the Cardano Mainnet.
ICYMI: Cardano’s network is evolving and Dynamic P2P is now rolling out on mainnet. SPOs can now test automated connections of #Cardano nodes.
Find out more in this blog post: https://t.co/jbc8E15Hox
— Input Output (@InputOutputHK) March 21, 2023
According to its 16 March explanation of the P2P feature, the Charles Hoskinson-led project was a further boost to the network’s performance and decentralization The blog post also noted that the Dynamic P2P would minimize communication delays, and maximize the network’s strength against failures.
Meanwhile, the Cardano community has been testing the functionality, which requires updating the node version to 1.35.6. The presence of the node means that Cardano users can perform P2P transactions without the need for a development network protocol.
However, the project’s development activity stayed put at 81.17. The metric tracks the public GitHub repositories of a project while measuring commitment by developers.
But Cardano’s seemingly stagnant position did not mean it was worse off, as ProofofGitHub ranked it only behind Polkadot [DOT].
GitHub Daily Development Activity:
#1: 1169 Polkadot / Kusama
#2: 671 Cardano
#3: 648 Internet Computer
#4: 562 Status
#5: 411 Decentraland
#6: 408 Hedera
#7: 397 Cosmos
#8: 381 Audius
#9: 381 Ethereum
#10: 368 ChainLink pic.twitter.com/NaGKQ5dyxs
— ProofofGitHub (@ProofofGitHub) March 22, 2023
Furthermore, ADA whales seem to have been influential in the token’s price action. This was because Santiment showed that transactions in the $100,000 range have been increasing since 19 March. In fact, this metric hit a monthly high of 433 on 21 March, even though it had decreased to 219 at press time.
At last, a folder without the reds
The whale activity points to increased interest in the token. And subsequently, this leads to buying pressure, which is eventually reflected in the token value.
At press time, ADA exchanged hands at $0.372 — a point it had struggled to reach since 14 March. Following the price rise, the ADA 30-day Market Value to Realized Value (MVRV) ratio heeded in a similar direction.
Is your portfolio green? Check the Cardano Profit Calculator
The metric acts as a prominent indicator for traders to determine an undervalued or overvalued state of an asset. Moreso, it also reflects the gain rate recorded within a specific period.
Hence, the MVRV ratio increasing to 3.605% implied that a notable number of investors who accumulated in the last 30 days were now in profit.
Bitcoin breaks below $26.7K; liquidations rise over $230M in 24hrs
Bitcoin breaks below $26.7K; liquidations rise over $230M in 24hrs Liam ‘Akiba’ Wright · 3 hours ago · 1 min read
Bitcoin Falls 7.2% after Reaching YTD High of $28,865 Prior to FOMC Meeting
1 min read
Updated: March 22, 2023 at 8:23 pm
Cover art/illustration via CryptoSlate
Bitcoin reached a new year-to-date high of $28,865 prior to the FOMC meeting this afternoon. However, it then proceeded to lose both the $28,000 and $27,000 psychological support falling 7.2% in two hours.
Over $224 million has been liquidated from the crypto markets over the past 24 hours, with $170 million in the past four hours alone.
As of press time, Bitcoin appears to be holding around $26,800, which has created a $2,065, or 8%, spread for the day.
The Federal Reserve raised interest rates by 25bps during the FOMC meeting with Chairman Jerome Powell stating, “we no longer expect that ongoing rate increases will be appropriate.” The news indicates that further rate hikes are unlikely throughout 2023.
The crypto community appears to be bearish in the short term following the news, as the decline indicates that Bitcoin has rejected long-term support, turning resistance at the $28,700 level. The lower green horizontal line on the chart below shows where Bitcoin was supported at $28,700 several times throughout the bull run with heavy buying from investors.
Coinbase confirms it will list Arbitrum’s native token ARB
Coinbase confirms it will list Arbitrum’s native token ARB Assad Jafri · 3 hours ago · 2 min read
Coinbase said it will add support for the ERC-20 token and warned users to not send it to networks other than Ethereum.
2 min read
Updated: March 22, 2023 at 7:52 pm
Cover art/illustration via CryptoSlate
U.S.-based crypto exchange Coinbase announced on March 22 that it intends to support Arbitrum’s upcoming native token ARB and list it for trading on the platform.
Coinbase said it will add support for the ERC-20 token and warned users not to send it to networks other than Ethereum. The exchange added that it will begin trading once there is sufficient supply and liquidity conditions are met. Trading is expected to begin sometime after the airdrop on March 23.
The USD-ARB trading pairs on Coinbase will be launched in phases, according to the announcement. Additionally, the coin will carry the “experimental” tag on the exchange.
The experimental label only informs users that the token is new to the platform and does not hamper holding, transferring or trading.
The exchange also said that ARB trading will not be available in some supported jurisdictions without giving any further details.
According to the announcement:
“The Arbitrum network (ERC-20 token) contract address for Arbitrum (ARB) is 0x912CE59144191C1204E64559FE8253a0e49E6548.”
Coinbase also warned that some users might face delays in depositing on the Arbitrum network and is working to resolve the issue causing it.
The Arbitrum community has been eagerly awaiting the launch of its native token for a number of years now and the network has promised to distribute 56% of the circulating supply to the Arbitrum community — made up of network users.
The current airdrop will distribute 11.5% of the total supply to eligible Arbitrum users and 1.1% to DAOs operating in the Arbitrum ecosystem.
Eligible users were picked transparently using a multitude of factors that were published when the airdrop — slated for March 23 — was announced.
Meanwhile, the anticipation for ARB’s launch has caused many people to start selling eligible wallets at discounted rates based on the current speculative value of ARB being close to $1.
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