Earlier on Tuesday, El Salvador temporarily disabled the government-run Bitcoin wallet Chivo to increase server capacity.This prevented new users from installing, President Nayib Bukele Announced by tweet Around 7 am Eastern Standard Time.
“All the data you try to enter at this time will result in an error.” He said.. “This is a relatively simple issue, but it cannot be fixed with the system connected.”
According to Leah Wald, CEO of Valkyrie Investments, the market movement is not surprising, and most of the news was marketed “some time ago.”
“When the move was first announced, it didn’t have as much of an impact on prices as some people expected, probably because El Salvador’s population is smaller than that of New York City, and because the announcement was neglected in detail. He told CNBC that many of El Salvador’s lives were in poverty and lacked access to the internet and smartphones needed to join the Bitcoin network. It feels more like a beta test than a solution to many of the problems that plague the poor in the country, “Wold added.
As part of the new law, businesses will be required to accept Bitcoin for goods and services, but merchants who are technically unable to accept Bitcoin will be exempt. The government has set up a 200 Bitcoin ATM around El Salvador.Also I bought 400 bitcoins Worth about $ 20 million, we preload $ 30 worth of Bitcoin into our Chivo wallet for registered Salvadorians.
Some traders have stated on social media that they will buy $ 30 worth of Bitcoin in their local fiat currency at 3:00 pm to commemorate the new El Salvador law. However, Bitcoin prices slipped in the afternoon anyway.
“The most notable thing is whether Latin American neighbors, or other countries around the world, are starting to adopt Bitcoin as their currency,” said Wald. “If this happens, it’s time to see the parabolic movements get higher. The momentum gained from millions of people with instant access to cryptography is gaining more adoption, more HODL. , And should bring higher prices. ”HODLing is a crypto community slang for buy-and-hold investment strategies.
Bitcoin proponents have long believed that there are strong claims against the Latin American market, which uses cryptocurrencies as a medium of exchange, remittances, and even central banks, which are experiencing high currency depreciation. I did.
Panama politician Gabriel Silva on Monday Introduced “Cryptography” “We aim to make Panama a country compatible with blockchain, crypto assets and the Internet,” he said on Twitter. “This has the potential to create thousands of jobs, attract investment and make government transparent,” he added.
https://www.cnbc.com/2021/09/07/bitcoin-retreats-from-the-highest-level-since-may-as-el-salvador-adopts-it-as-legal-tender.html If El Salvador adopts Bitcoin as fiat currency, Bitcoin will fall 10%