Bitcoin and cryptocurrency prices have returned to their former form in recent months following the summer market crash and despite some serious caveats.
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Bitcoin price dropped after hitting a record high of around $69,000 for bitcoin in November. Meanwhile, other major cryptocurrencies such as Ethereum, Binance’s BNB, Solana, Cardano, and Ripple’s XRP made more profits than Bitcoin last year, with an overall high crypto market cap of $3 trillion. This increases the total number.
“If Bitcoin hits $1 million in its fifth year, I think it will.
“If we allow 100 other countries to issue these bonds, it will be half of Bitcoin’s market cap,” Mou said, adding that “game theory” would benefit El Salvador, the first issuer. He adds that if you issue 10 bonds, it will be $5. Billions of bitcoins will be withdrawn from the market in the years to come.
“This will make El Salvador the world’s financial center,” added Moh.
El Salvador’s so-called “Volcanic Bonds” are to finance the construction of a new, tax-efficient Bitcoin City, operated on geothermal energy from a nearby volcano and denominated in US dollars for decades. This is a bond, 6.5%.
“Invest here and make as much money as you want,” says Bukele who has completed a week of Bitcoin advertising in El Salvador and implemented his plans in the city founded by Alexander the Great. I tell viewers about similar shows.
However, the traditional finance world seems to have a dim view of Bitcoin bonds backed by El Salvador volcano, a prominent investor. Financial Times This scheme may mean the country has less access to traditional bond markets.
“I don’t know who’s going to buy these bonds, but we’re not going to do that,” said Kevin Daly, fund manager at Aberdeen Standard Investments.
Elsalvador said the International Monetary Fund (IMF), which is reportedly negotiating $1.3 billion loan deals with states elsewhere, said the adoption of bitcoin as a fiat currency increased financial and consumer risks. Be warned.
“Given the high price volatility of Bitcoin, its use as a fiat currency poses significant risks to consumer protection, financial integrity and financial stability,” said the IMF official in Central America. Written in a statement about the mission in the country.