The value of bitcoin is growing steadily again.
A few months ago, the value of bitcoin was plummeting, which made many anxious. But, in the last few days, the cryptocurrency began to return its position. On September 6, its cost exceeded 52 thousand. According to the Binance exchange, in just a month, from July 20 to August 20, the value of the main cryptocurrency increased from $29,800 to $47,000.
2021 turned out to be a difficult year for bitcoin. It experienced fluctuations constantly in different directions. At times, it rose to peak levels and then fell sharply to the bottom. Such instability negatively affected the cryptocurrency market. In addition, some countries have passed laws that prohibited the use of bitcoin, which harmed the value of the cryptocurrency. Some experts predicted that bitcoin would not be able to rise after a crushing fall.
The fluctuations of the cryptocurrency market were even influenced by the statements of Elon Musk, who changed his opinion about bitcoin from time to time. His statements were worth several thousand dollars. Every time he spoke about the hopelessness of cryptocurrency, it began to fall. Conversely, his support for Bitcoin led to an upswing.
An interesting fact is that Microsoft decided to support the cryptocurrency and applied for a patent for a method of mining cryptocurrency “Cryptocurrency System Using Body Activity Data”. Their development allows you to monitor brain activity, and Internet users can get bitcoins for watching ads. If the company succeeds in obtaining a patent, some netizens will have a chance to improve their financial situation.
Also, the government of El Salvador has passed a sensational cryptocurrency law, which allows the use of bitcoin to pay for all services and purchases. This country became the first state in the world to provide this digital currency with official status.
The initiator of the introduction of cryptocurrency in El Salvador was President Nayib Bukele. He is the youngest head of state in the country’s recent history, who is confident that the modern economy requires changes. He stated that the use of bitcoin helped attract foreign investment and stimulate domestic consumption.
Using cryptocurrency will help get rid of fees for money transfers from compatriots working abroad. The population of El Salvador needs additional finances, so any savings will help them improve their material condition. Also, the president hopes that the use of cryptocurrency will allow employees to informally confirm their income. They will be able to take loans with a low-interest rate.
Even though the government has developed a plan for introducing cryptocurrency into the country’s economy, not all citizens share the government’s optimism. More than 60% of the population is against the introduction of cryptocurrency. Several protests took place in the country, which showed that the population does not have information about the new currency.
The country’s authorities plan to place 200 special ATMs and 50 service branches in the country where it will be possible to transfer bitcoins into cash dollars.
Although, most citizens are afraid of fraud and also that they will lose their payments. The most vulnerable group of the population is pensioners. They do not understand what it is and why the authorities decided to introduce a new currency. If the authorities can conduct outreach effectively, the population of the country may be able to accept the reforms.