A few hours ago, Salvadoran President Nayib Bukele said that the country’s government has already acquired 400 Bitcoin (BTC). It happened on the eve of the law’s entry into force, which introduced cryptocurrency as an official means of payment. (Also Read: Cheap electricity attracts Bitcoin (BTC) miners to Venezuela)
Purchase of the first Bitcoins
Yesterday afternoon, Bukele said the country had acquired the first 200 BTC. He also promised that there would soon be many more digital assets in the country, as brokers brace for new transactions.
Hours later, the president announced that Salvador had purchased an additional 200 Bitcoins, increasing the cryptocurrency stock to 400 BTC. (Must Read: Bitcoin (BTC) requires more precise regulation, says Cathie Wood, director of Ark Invest)
Eso es literalmente menos del 0.03% de lo que ustedes se robaron cuando estuvieron en el Gobierno.— Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021
Y lo más importante es que, ahora, el dinero es para el mismo pueblo.
De verdad que no tienen vergüenza. https://t.co/YcftyZNOET
After the publication, the cost of Bitcoin exceeded $ 52,000. Today, El Salvador, considered one of the poorest countries in the Western Hemisphere, is on the verge of introducing two new official currencies into the country: Bitcoin and the US dollar.
Criticism of the new BTC law
The conservative opposition party, the Republican Nationalist Alliance (ARENA), mocked Nayib Boukele’s decision. She accused the government of losing around $ 10 million due to a similar monetary policy.
To this, the President replied that during the reign of the opposition bloc (1989-2009), there was constant embezzlement of public funds in the country. He said his expenses represented less than 0.03% of the losses suffered by El Salvador during those years.
At the start of the summer, Bukele announced his intention to introduce cryptocurrency as a legal means of payment. After making a deal with the Strike payment app, the country was given the opportunity to install hundreds of ATMs to conduct cryptocurrency transactions. In addition, Salvadorians provided a service to create a “Chivo” digital wallet. This name translates from Spanish as “cool”. (Addition Information: Residents of El Salvador refuse to accept Bitcoin (BTC))
All of this has been done to strengthen the Salvadoran economy and make the financial system more transparent. Most of the people in the country do not have a bank account. Therefore, their parents who work abroad are forced to pay high fees by sending money home.
However, the president’s decision sparked outrage and sparked protests in San Salvador. Among the demonstrators, there were many retirees. They fear having their pension in the digital currency, the market value of which is unstable. However, Bukele said Bitcoin will not become mandatory, but will only be additional means of payment for those that already exist.
Not only do the locals express their dissatisfaction, the criticism also comes from abroad. Yesterday, the Los Angles Times published an article in which Bukele was accused of “destroying democracy”.
Support a bold decision
Much to the president’s joy, he has a lot of supporters. For example, MicroStrategy founder Michael Sailor encourages all crypto enthusiasts to spend $ 30 today on virtual currency. It will be a sign of solidarity with Salvadorans and the president of the country.
On September 7, El Salvador will officially begin using #Bitcoin as its national currency alongside the U.S. dollar. Every cyber hornet 🐝 I know is planning to buy $30 in BTC tomorrow in solidarity with the people of #ElSalvador and their leader @nayibbukele. Will you join us?— Michael Saylor⚡️ (@michael_saylor) September 6, 2021
Nayib Bukele hopes his decision and the new law will draw the attention of other countries to El Salvador. It is certain that today many people will follow what will happen in his country.
Hopefully Salvadorans will appreciate their leader’s efforts and accept Bitcoin as a legitimate payment method. Such a decision could constitute an important step towards the development of the country.
Bitcoin Price Prediction 2025 – Long Term Outlook
Our Bitcoin forecast over the long term is very optimistic. As noted in the section above, Bitcoin does have some influential technical analysis and fundamental factors that go in its favour. The previous all-time highs will naturally draw the Bitcoin price to this level, representing an increase of 41% from today’s price.
Major players in the crypto space, such as Elon Musk and Jack Dorsey, have sung Bitcoin’s praises recently. The fact that people of this magnitude are talking up Bitcoin indicates the currency’s value. Furthermore, with huge companies such as Amazon and Apple seemingly adopting Bitcoin, the future looks bright.
It’s also worth pointing out potential risks within this Bitcoin stock forecast. For one, the constant regulation from China is always a threat to Bitcoin trading. The Chinese economy looks set to play a significant part on the global stage in the future – and if Bitcoin is not adopted widely by China, it could pose significant problems. In addition, the persisting rumours about US regulation of Bitcoin don’t seem to be going away, which would definitely affect the coin’s price if they proved to be true.
With these points in mind, our Bitcoin price prediction 2025 could see the digital currency head towards the fabled $100,000 mark. The Bitcoin journey will never be plain sailing, so there will undoubtedly be stumbling blocks along the way. However, $100,000 is certainly a reasonable target given the technical and fundamental factors in play.
A recent Forbes article suggested that Bitcoin could perhaps be worth over $300,000 by 2025. Although this is a possibility, we believe Bitcoin’s upwards trajectory may be a little slower than that.
Our Bitcoin price prediction 2030 hints at a much higher valuation for the currency. Over the next nine years, we can foresee a shift towards digital currencies, removing the need for traditional FIAT currencies. Due to Bitcoin being the ‘first mover’ in this area, it’s natural that institutions will gravitate towards this cryptocurrency over other ones.
If this occurs, there is undoubtedly scope for Bitcoin to head towards the $400,000 mark. As a disclaimer, it’s hard to determine an exact figure as there are no technical factors to base this on. However, if you are looking to buy Bitcoin UK today, the outlook is certainly bright for a bull market going forward.