Bitcoin Price Rises As El Salvador Rejects IMF Call To Ditch BTC
02 Februar 2022 - 1:06AM
NEWSBTC
Bitcoin started rising with the news El Salvador rejected the IMF
request to drain BTC as a currency. In response, Bitcoin grew to a
14-day high price level, adding more than a quarter trillion US
dollars into the crypto market. Price tendency follows the pathetic
month for cryptocurrency since March 2020. At that time, Bitcoin
reached a price level of $5,000 due to panic selling off after the
Covid-19 pandemic threat. After that, Bitcoin raised and achieved
its all-time high price level of $69,000 in November 2021.
But soon after that, Bitcoin started a downward journey, coming to
the seven-month low of $33,000 on January 24, 2022. However, on the
same day, Bitcoin began an upward trend and gradually achieved a
price level of $39,000 on Tuesday, February 01, 2022, showing
positive crypto market growth. Bitcoin price retrieval started
after El Salvador declined IMF request to withdraw Bitcoin as a
medium of exchange. El Salvador is the first country to do so in
the world after many months. El Salvador Reaction After IMF
Call To Ditch Bitcoin The decision to adopt Bitcoin as an official
currency was met with fierce resistance from many governments, but
it looks like El Salvador is taking a different approach. Treasury
Minister Alejandro Zelaya says that his country sees
cryptocurrencies not just for financial transactions and
investments but also embracing this new technological advancement.
In a local TV interview, he added by referring to AP report;
“Countries are sovereign nations, and they take sovereign decisions
about public policy. No international organization is going to make
us do anything, anything at all.” IMF reported many risks involved
regarding consumer protection, financial stability, and financial
integrity as reasons for not adopting Bitcoin. In addition, IMF
added there is high crypto price fluctuation, and criminals can
misuse it for their illegal activities. IMF had already
warned El Salvador that its involvement in Crypto could cause
hindrance from getting borrowing from international institutions.
Marcus Sotiriou, a British digital currency analyst at GlobalBlock,
said; “It seems that El Salvador may not need the coercive loans
from the IMF any longer by issuing the innovative the Bitcoin Bond.
This bond allows them to raise funds to set up mining
infrastructure.” A continuous worldwide crypto acceptance and day
by rumors that Latin American countries are accepting Bitcoin as an
official exchange source are significant concerns of IMF. The
president of El Salvador, Nayib Bukele, shared a meme from The
Simpsons on Twitter. Its caption read “I see you IMF,” and he
responded with laughter at its parody nature in his own
words. Featured image from Flickr, chart from
TradingView.com
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