The value of currencies in the international market is facing a major setback due to the new corona epidemic in the world.
As a result, the value of the leading cryptocurrency is increasing as the amount of reinvestment in the crypto market increases and more and more people use renewable electricity to generate crypto.
In this context, the value of Bitcoin, the main currency of the crypto market, has recorded unexpected growth with two major announcements.
The value of cryptocurrency
El Salvador’s President Nayib Bukele has issued an important announcement declaring the cryptocurrency as the official currency, as the value of the cryptocurrency has grown exponentially over the past few days.
Country of El Salvador
Bitcoin has been the official currency of the United States since September 7 in El Salvador, overcoming many obstacles. El Salvador’s President Nayib Bukele has announced that the government has purchased 400 bitcoins for this purpose.
Sudden demand
The value of Bitcoin has risen from $ 50,577.41 to $ 52,912 in the last 24 hours due to the sudden increase in demand in the crypto market. But currently the value of a bitcoin has fallen to $ 50,867.66.
Close to $ 53000
Bitcoin, which traded at $ 29,800 in July, is currently trading above $ 50,000 and close to $ 53,000. Bitcoin is expected to reach its all-time high of $ 64,888.99 soon if the value of the currency and inflation continue to affect the global economy.
Recorded by Kim Kardashian
Last week model and TV actress Kim Kardashian posted an ad on her Instagram account about the crypto of Enemy Max. But this crypto adversary is not related to Coin. Kim Kardashian’s Instagram account has about 200 million followers.
UK Watchdog system
Noting this, the UK Financial Services Monitoring Agency has warned that ads about cryptocurrencies, especially those made by social media influencers, could face harsh government action.
Young investors
The vast majority of those who invest in these virtual currencies and tokens are new and young investors. They can be easily attracted to social media influencers and celebrities. So they would only resort to this as a last resort to invest in cryptocurrencies.
Crypto Market
The announcement by the UK has raised further investment in the crypto market as it has alerted those on the social networking site and provided additional security for investors. Today’s rise is seen as an expression of this
Consent of El Salvador
El Salvador’s President Nayib Bukele submitted a report to the country’s parliament on June 5 on the use of bitcoin as a currency. It was approved by 62 out of about 84 members of El Salvador’s parliament and easily approved without any restrictions.
70 percent of the population
About 70 percent of El Salvador’s population still operates in an unclassified economy without a bank account. It is hoped by all parties that this situation will change with the declaration of Bitcoin as the official currency.
People from El Salvador
Not only this, it is believed that the use of this bitcoin can solve the tax incurred by those who have selected El Salvador from different parts of the world each time they send money home.
Assistance to the World Bank
El Salvador’s Finance Minister Alejandro Zelaya made a request to the World Bank at the end of June to help provide adequate technology and transfer infrastructure to implement the Bitcoin project.
World Bank denial
But the World Bank, an international body that provides financial and economic assistance to developing countries, immediately rejected El Salvador’s request.
From September 7 ..
But Bitcoin is set to be used from September 7, just as the El Salvador government is currently using the US dollar as the official currency, overcoming various restrictions and restrictions.
