Bitcoin, in recent times, has been experiencing several developments most of which are often contributions to its growth. However, the recent adoption of the token as a legal tender in El Salvador has generated a level of mixed feelings which has also been reflected in its price. Amidst these uncertainties, however, the popular whistle-blower, Edward Snowden, has commended El Salvador’s decision pointing out that it is a timely and strategic development. He went further to urge other countries of the world to consider following El Salvador’s steps in adopting Bitcoin. According to him, the development in El Salvador has now put pressure on other countries to follow suit.
He also advises nations willing to start buying massive amounts of Bitcoin to do so quickly as the structure of Bitcoin rewards those who invest very early. Late buying and the failure to buy at all might lead to regrets shortly, especially for those whose economies are largely dependent on the cryptocurrency exchange. It should be noted the government of El Salvador had just recently purchased 400 Bitcoins. This was done in readiness for the formal adoption of Bitcoin as a legal payment means for purchases and transactions within the county. It is the first country in the world to give crypto the same status as fiat currency in their country
It would have been thought this positive development would unrest the price of the token but unfortunately, things were not so as the price which was gaining not too long ago. The fall saw a drop in price level of about 50% moving from the $8,000 levels to that of $4,000. Bitcoin was not the only commodity to experience the dip then as other commodities prices also crashed. Despite this disappointing performance, Bitcoin remains the most popular crypto in the world with so much that individuals who are yet to own this token stand a chance at losing out on several opportunities. Judging by the heights the crypto is expected to reach, countries who fail to buy or even adopt the token may end up wishing they had in the coming years.
Bitcoin Falls Even With Major Adoption
The price of the token yesterday experienced a massive decline moving from $50. 767 to about $44,672, a relatively low level even with the nationwide adoption by El Salvador. Its price made a slight recovery moving to $47,000 but later reverted to an even lower $44,500 where it has rested. This decline is partially blamed on the cryptocurrency’s lack of privacy but on a general scale, the token has not been performing up to expectations. However, experts believe that this recent development might just cause the token to experience a bull season once again. El Salvador’s adoption is expected to put more pressure on other countries to begin to purchase large amounts of the token. This in itself would result in an upward movement of the price, much to the benefit of Bitcoin owners.