Bitcoin is undergoing the test largest in its 12-year history, as El Salvador will become the first country to adopt it as legal tender on Tuesday along with the US dollar in the country.
Yesterday, El Salvador’s President Najib Bukele said El Salvador now owns 400 bitcoin, a day before the cryptocurrency was officially adopted.
Yesterday, the price of Bitcoin increased by about 1.5% to exceed $ 52,600,000.
Some analysts have claimed that the cryptocurrency is in about to register a price between 56 thousand and 56 thousand and 300 dollars.
The country’s president, Najib Bukele, believes this move could save citizens $ 400 million a year in commissions on money sent in El Salvador by expats living abroad.
But polls show Salvadorans are skeptical of Bitcoin’s use and fear the cryptocurrency’s volatility, which critics say could increase regulatory and financial risks for financial institutions.
Fans and detractors of virtual currencies will look at the experience of El Salvador, after its adoption of the bitcoin as fiat currency along with the US dollar puts Bitcoin under the greatest test in its 12-year history.
Read More About: Business News