After El Salvador’s Bitcoin Boom, Will Other Nations Adopt Altcoins Like Ethereum and Big Eyes Coin?
About five months ago, when El Salvador’s President Nayib Bukele publicly made the controversial decision to make Bitcoin (BTC) legal tender in his country, he was met with skepticism and concerns. While the country was burdened with massive debt, people thought of this move as worrisome and full of underlying potential risks that could have broken the economic backbone of El Salvador forever. But in 2023, the El Salvador economy is writing its narrative, and it is inspiring.
How El Salvador’s Bitcoin Adoption Fares in 2023
In November 2022, Bukele announced on Twitter that El Salvador would buy one Bitcoin (BTC) daily. It’s March 2023, and the country repaid one of the two $800 million bonds in five months. The country’s Finance Minister Alejandro Zalaya took to Twitter to inform that even though El Salvador paid the full $800 million plus interest, this story must be covered.
El Salvador’s government still owes $367 million plus interest on a bond due in January 2025. However, the successful repayment of the $800 million bond indicates that the country’s economy is recovering financially. What was considered a controversial and bearish move paid off as Bitcoin rebounded.
Everything didn’t happen overnight. The legislative process began in 2021 when El Salvador required all businesses to accept Bitcoin as legal tender for goods and services. The decision to consider crypto on par with fiat currency was colossal for a declining economy, but the government was hopeful about the prospects of cryptocurrencies. Today, 2.2 million citizens use Chio wallets.
Colossal Ethereum buy crypto whales ahead of Shapella
Crypto whales buy millions worth of Ethereum right before the Shapella or Shanghai upgrade as it is more popularly called. Whale Data revealed massive activity over the past few days, suggesting that the ETH buying was underway. Recently, 11,529 ETH worth $20 million was transferred from Bitfinex. Another transfer involved 13,341 ETH worth $23 million. One whale moved 72,999 ETH worth $129 million. More transfers were noticed from Coinbase at 20,899 and 21,451 ETH, 12,499 ETH from Binance and 14,070 from Bitfinex.
While Shapella is scheduled for April 12, the increase in staking activity looks promising for the altcoin. Ethereum’s price has risen by 2.85% since last week, reaching $1803.71 at the time of writing.
Big Eyes Coin is the doorway to millions
While some may not take meme coins seriously, what started as a joke with Dogecoin has turned into a fun way to make millions. A brand new meme coin called Big Eyes Coin (BIG) is actively working to preserve the global environment while enjoying immense support from the community.
The meme coin aims to move wealth into the DeFi ecosystem, which is why 80% of BIG will be available at launch. 5% is reserved in the charity wallet to save the oceans, which is Big eyes Coin’s way of giving back to the community. This is truly a humane cat house.
The Big Eyes Coin presale started in late 2022 but has already raised $32.67 million. From the very beginning of its ICO, the meme coin has made it a point to reward its kitties with a wide range of rewards and bonuses. As the pre-sale is about to end, the ICO is offering users a big bonus again. The promotional code BULLRUN250 gives the user 250% extra BIG when purchasing tokens and loot boxes.
While Bitcoin has saved El Salvador’s economy, Altcoins like Ethereum and Big Eyes Coin are excellent choices for investors looking to make it big in the crypto world. Other nations must follow El Salvador’s example and go the crypto route.
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