El Salvador, in Brazil has shown its keen interest in cryptocurrencies especially in bitcoin in the past. In the first week of May, when the crypto market imploded and brought down the values of all the cryptocurrencies, El Salvador surely made a huge progress in this chaos. They went on to acquire at least 500 bitcoins during this period. In a sell off for bitcoin, El Salvador added $15.5 million value of bitcoins to its balance sheet. The government of the country surely feels bitcoin is the next revolution in terms of digital currency around the world and has a vision to obtain as many bitcoins as possible.
Dania Gonzalez recently attended a bitcoin conference held in Brazil. In her address to the conference, she made interesting remarks about her experiences with bitcoin. She told how bitcoin helped to change people’s lives in El Salvador and how the government led by president Nayib Bukele continues to take advantage of the resources invested in Bitcoins to improve the economy.
She added on to her statements that, In Cryptocurrency market, the volatile nature of the currencies surely does kick in at times, making it difficult to predict the future of the currency. But, it is normal for any cryptocurrency to behave differently at different times. Its on the capability of the investor to take strategic steps to maximize the profits when the market is bullish and to minimize loses when the market enters bearish phenomenon. It also crucial that when the market is down, the investors need to buy more bitcoins at a lower value and wait for the price to increase, she added.
Bukele’s use of Bitcoins in El Salvador!
Picture Credits: Wikipedia
Bukele went on to construct a veterinary hospital and a public school which were made possible by the cryptocurrency said, Gonzalez. Bukele built a veterinary hospital to benefit the population where services for the pet costs at $0.25. Even complex operations cost the same making it accessible to the entire population. He went on to build a public school to support the education sector to grow and prosper. Gonzalez also pointed out that, Bukele’s strategy in using Bitcoins for economic development and social development has been successful to a large extent. With the reserves of bitcoin that El Salvador has, they intend on building many such public schools and have a more positive impact on the socioeconomic front.
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