The last time we saw Bitcoin in the $29k-$30k region was last July, it currently trades at $29,740.62 according to Coingecko haven peaked at $69k six months ago from present. The dip in price is enough to deter anyone from wanting to buy BTC but the reverse is the case, in fact the dip is seen as opportunity to buy more taking advantage of price dip.
Since 2011, Bitcoin’s cumulative gains have exceeded 20,000,000%, far outpacing the cumulative gains of the Nasdaq 100 and US Large Caps, which recorded returns of 541% and 282%, respectively.
Source
The fact that Bitcoin is the best performing asset of the decade is enough reason for investors to get involved, without out looking further at its decentralized form of currency amongst other characteristics that makes it unique.
Therefore, El Salvador saw the need to have Bitcoin legalized, with CAR following suit just weeks ago. So far El Salvador have been adding to its Bitcoin holdings with over 2300 BTC in its reserve. Not only is the Central American country accumulating BTC, it is also leading the way as it hosts 44 other nations to discuss Bitcoin and all things related.
Tomorrow, 32 central banks and 12 financial authorities (44 countries) will meet in El Salvador to discuss financial inclusion, digital economy, banking the unbanked, the #Bitcoin rollout and its benefits in our country.
— Nayib Bukele (@nayibbukele) May 16, 2022
Quite a number of African nations will be attending the event, Ghana, Nigeria, Angola, Gambia, Namibia, République de Guinée, Madagascar, Uganda, Egypt are some encouraging African nations on the the list with South American nations.
These are nations with a lot in common, economically they a far from coping coupled with the global economic crisis making things a lot worse for them.
It is however one thing to meet and discuss ways of positive impact and another to come up with silly regulations that will make the meeting meaningless. Regulations can't ignored if we are to face reality in the crypto space but focus should be put on regulating this space without negatively impacting economies and hindering people that find source of income form cryptocurrency.
We might be seeing more nations legalize Bitcoin before the year runs out, it is not going to be easy sailing for these nations though with the more developed nations against Bitcoin. Interesting times ahead on who is on the side of Bitcoin and who isn't.
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