With the current downturn of the crypto market, as the total market cap dropped by more than 60%, investors are in a panic. Like every bear market, it creates uncertainty among investors about the future of Bitcoin and crypto as a whole. However, El Salvador’s Finance Minister, Zelaya, expressed his belief in crypto’s bright future, and is positive about bitcoin. He has been defending Bitcoin for a long time, even after the crypto market continued crashing, which indicates that El Salvador’s finance minister is positive about their investment.
Zelaya also talked about the benefits their country enjoyed after adopting Bitcoin as a legal tender in recent times. Let’s see what he said about the matter.
What Benefits Does El Salvador Enjoy After Adopting Bitcoin?
As per the reports, Zelaya, Finance Minister of El Salvador, stated that cryptocurrencies had helped them to attract various financial services to their country, which has primarily helped unbanked populations. It also helped them to attract both investments as well as tourism into their country. Zelaya also added that the government is looking to issue a Bitcoin-backed bond using blockchain technology which would bring a boost to the market and help them in a lot of ways.
More about El Salvador and Bitcoin
According to the reports, El Salvador has bought 2,381 bitcoin using public funds. However, due to the current downfall of the crypto market, its worth has been less than 50 percent of what authorities paid for it. A recent survey found that most businesses and users still prefer to pay for services using hard currencies instead of Bitcoin. Also, the IMF has requested El Salvador to strip the cryptocurrencies use.
On the other side, Zelaya showed his belief in digital money and stated that they are looking at bitcoin as the future. And when he was asked about the market’s downfall, he stated that no one could have results overnights. We can’t go to bed poor and wake up rich. Zelaya also said that the government is not losing hope and is willing to announce several Bitcoin projects in the coming years which would revolutionize the way people think about cryptocurrencies.
What are your thoughts on Zelaya’s comments? Do you agree with him or believe people should wait for some time instead of adopting bitcoin? Let us know in the comments below. And, if you find our content informative, do like and share with your friends.
Also Read: Cardano Vasil hard fork has been delayed again, announces developers
