The long-awaited El Salvador bitcoin conference, which was the highlight of El Salvador’s 2021 world premiere when the country adopted cryptocurrency as legal currency, has now lost its shine amid the deep rout in digital currency.
At the ‘Adopting Bitcoin Summit in El Salvador’, which started Tuesday and ended Thursday in San Salvador’s capital, it was evident that there were no big names in the bitcoin industry and that there were empty seats.
Juan Fonseca (41), a Guatemalan traveler to the conference, stated that low prices and problems elsewhere create an uneasy environment.
Bitcoin fell like other cryptocurrency over the past year due to U.S. Federal Reserve interest rates hikes and high inflation, which prompted investors abandoning riskier assets.
Bitcoin, the most well-known and largest cryptocurrency in the world, has fallen further after the dramatic collapse crypto exchange FTX. It is now trading at $16,600 from a record high of almost $69,000 in November 2013.
Many people see today’s problems only as a temporary blip.
The chief technology officer of the crypto exchange, Bitfinex, said that Bitfinex would redouble efforts to create a free, unstoppable and resilient bitcoin and technology infrastructure in El Salvador.
Bitfinex’s parent company, Ifinex, has agreed to work with El Salvador’s government in order to establish a regulatory framework for securities and digital assets.
“El Salvador will be the financial and technology center of Central America,” Ardoino said. After meeting with Nayib Buukele, President of El Salvador, Ardoino said that the noise will not distract the builders.
Bukele, who advocated for the legalization of cryptocurrency alongside the U.S. dollars, stated on Twitter Wednesday night that ‘We are purchasing one Bitcoin every single day starting tomorrow.
According to private estimates, his government has so far acquired 2,381 bitcoins worth approximately $107 million.