El Salvador Continues to Lead Bitcoin from the Front – Cryptopolitan
El Salvador was the first nation to embrace bitcoin as legal tender in 2021. In the past year, there have been no indications that the country will abandon the crypto accord. El Salvador will host the event “Adopting Bitcoin.” This conference encourages Bitcoin adoption in the context of establishing a more egalitarian and decentralized financial system.
There will be 110 speakers from 30 countries at Adopting Bitcoin. Speakers include Senator Indira Kempis of Mexico. The conference will examine technology and financial inclusion.
The conference takes place from 15-17. November in San Salvador and Bitcoin Beach. The conference unites the bitcoin ecosystem for collaboration, networking and education.
El Salvador to host a non-profit crypto conference
Galoy Inc., whose bitcoin banking platform operates the Bitcoin Beach Wallet in El Salvador, has organized the event. In addition, the bitcoin exchange Bitfinex will be the main sponsor of the event. Bitfinex is working with the Government of El Salvador to develop a financial technology platform for the issuance and trading of the proposed Volcano Token.
No one predicted in 2021 that a sovereign government would use Bitcoin as legal tender. The act changed the public’s perception of both the nation and its currency. El Salvador is currently making progress towards becoming the Singapore of Central America and a model of financial inclusion.
On the other hand, Bitcoin has proven to be an excellent medium of exchange that can support millions of daily transactions. The first two days of the conference will be held at the Crowne Plaza Convention Center, where speakers will discuss the latest technological and financial advancements in the Bitcoin ecosystem.
Jon Atak, a Bitcoin Core engineer who recently received a $50,000 grant from the Human Rights Foundation, will provide one of the conference’s key technology presentations.
In addition, Senator Indira Kempis from Mexico will be the main speaker at the economic conference. In the past, Kempis has made news for his advocacy of central bank digital currencies (CBDC). Additionally, she made headlines for her efforts to legalize bitcoin in Mexico.
The main stages of the multi-track event will feature real-time Spanish translations. On the third day of the event, delegates will travel to Bitcoin Beach in El Zonte to find out where bitcoin adoption in the country began.
Director of Bitcoin Beach Mike Peterson noted:
“After less than a year, we see that one in five people use bitcoin daily. Now delegations of representatives, bankers and technologists from all corners of the world are coming to El Salvador to learn how bitcoin can be used as a tool for financial inclusion.
The event is available to Salvadorans for a discounted ticket of $21.
The current crypto environment ahead of the conference
The cryptocurrency market is currently in turbulent waters. The current market environment is by far the worst crypto winter ever. Bitcoin (BTC) hit new weekly lows on September 28 as risk assets fell overnight.
Bitcoin briefly passed $20,000 on Tuesday, hitting its highest level in more than a week, but it has yet to break out of the narrow trading range. The world’s largest cryptocurrency by market capitalization fell as the bear market for stocks deepened.
In discussions about when the 2022 bear market would end, the use of data from previous halving cycles has led to divergent opinions. The current state of the market is notably different from past crypto bear markets.
This market decline was accelerated by a wave of bankruptcies and insolvency problems that permeated the cryptocurrency business, as well as interest rate hikes enacted by central banks to combat the rampant inflation.
This year, digital currencies have correlated strongly with US stock markets, prompting investors to monitor monetary policy. Higher interest rates have put pressure on the S&P 500 and tech-heavy Nasdaq, which has spread to other risky assets, such as cryptocurrencies.
The rally in bitcoin, which began on Monday, came despite a decline in US stocks, with the S&P 500 ending at its lowest level since 2022. On Tuesday, futures prices rose. There are therefore indications that the link between cryptocurrencies and shares may be diminishing.
In addition, the US central bank has made no promise to halt this year’s interest rate hikes, which are putting pressure on risk assets, including cryptocurrency.
Meanwhile, investors are constantly monitoring the US dollar. This year, the dollar index, which measures the dollar against a basket of currencies, has increased by over 18%. Bitcoin is traveling in the opposite direction of the dollar; thus, a strong dollar is bad for bitcoin.
However, market observers note that the dollar index may be nearing a top, which would signal a likely bitcoin bottom. It may be a factor in the rise of bitcoin. El Salvador is about to introduce a factor that could positively affect the depressed cryptocurrency market. November will be a turning point for the ecosystem of digital assets.
