Bitcoin's Surge and El Salvador's Investment
Bitcoin surpasses $100,000, El Salvador's President Bukele celebrates success of cryptocurrency investment despite some skepticism. Bitcoin's value surged after Donald Trump's election victory and nomination of cryptocurrency advocate Paul Atkins. Bukele blames political opposition for Salvadorans missing out on gains.
Key Points
- Bitcoin surpasses $100,000 after Donald Trump's election victory
- President Bukele blames political opposition for Salvadorans missing out on bitcoin gains
- El Salvador has used the dollar as currency and introduced bitcoin as legal tender in 2021
- Government's reported bitcoin investment is now over $600 million
Pros
- Bitcoin value surpasses $100,000
- El Salvador's reported investment in bitcoin exceeds $600 million
- New opportunities for unbanked in El Salvador
- Elimination of money transfer services for remittances
Cons
- Bitcoin's volatility poses risks
- Many Salvadorans cash out bitcoin instead of holding on to it