Bitcoin (BTC)Cryptocurrency

BTC Weekly Roundup – Mayoral Elections, El Salvador Sentiments, and More

BTC has seen eventful sessions this week as it witnessed multiple new developments and announcements. From Donald Trump’s statement to slump Bitcoin to the $150 million BTC fund by the El Salvador Congress, let us analyze some events that dominated the BTC network last week.

Salvadorians Still Skeptical About BTC Adoption

A recent report reveals that 70% of Salvadorians are skeptical about the nation legalizing Bitcoin, and they don’t want to participate in Bitcoin dealings. That came from the poll that sampled 1281 citizens by Jose Simeon Central American University.

The research showed that seven out of ten individuals wanted the lawmakers to repeal the move to make Bitcoin legal-tender. Keep in mind that the Bitcoin legislation will go into effect from September 7. Moreover, 43% of the surveyed individuals trust that adopting Bitcoin will risk the nation’s economy.

El-Salvador Approves $150 Million Bitcoin Adoption Budget

El Salvador gears up to embrace BTC from September 7 regardless of the massive opposition by most of the residents. Keep in mind that El Salvador uses USD to complete most transactions. The country petitioned Congress to facilitate the release of money to support the initiatives by the government. Congress approved the money release.

Earlier last week, Nayib Bukele, the president, declared that the nation has the essential infrastructure to ensure smooth crypto adoption and integration nationwide. Meanwhile, many remain skeptical as far as inclusiveness is concerned. That is because of the know-how and tech capacity needed to interact with digital coins.

Mayoral Elections Candidates Interested In Crypto

Mayoral November elections appear to heat up. More candidates are showing an increased interest in crypto, utilizing multiple pro-crypto policies and stances to attract voters. For instance, Curtis Silwa takes his crypto stance to Twitter, promising his followers a crypto-friendly town. Silwa posted that individuals will use crypto to pay all fees, fines, and taxes.

Donald Trump Thinks Crypto is Fake

The former US President Donald Trump commented on crypto during a conference with Fox Business. His statement did not favor crypto. Donald believes that the crypto will prove unreliable with time. Early this year, Trump stated that cryptocurrencies like BTC threatened the US Dollar. He said that Bitcoin could be a scam.

Feel free to share your views below.

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