El Salvador: Bitcoin Embassy in Texas
El Salvador Opens New Bitcoin Embassy in Texas. The first was established in October 2022 with an economic cooperation agreement with the city of Lugano in Switzerland.
El Salvador and its second Bitcoin embassy in Texas
El Salvador’s ambassador to the United States, Milena Mayorga, posted a tweet announcing the Central American country’s second Bitcoin embassy, this time with the state of Texas.
Thanks to Secretary Joe Esparza @TXsecofstate by recibirnos. Nos compartó el the following important date:
In 2022, El Salvador and Texas, you have an intercambio advertising of $1,244,636,983. pic.twitter.com/VkZa36MNgz
— Milena Mayorga (@MilenaMayorga) 14 February 2023
Basically, the ambassador talked about her meeting with Joe Esparzadeputy secretary of the Texas government, and how they discussed Bitcoin and the expansion of trade and financial exchange projects.
Not only that, Mayorga also pointed out that in 2022, the Republic of El Salvador and the State of Texas recorded a trade exchange of almost 1.25 billion dollars.
It has already been almost 1.5 years since El Salvador made Bitcoin legal tender in the country and now already has 2 BTC embassies: the first with the city of Lugano in Switzerland and the second now with the state of Texas.
The general situation of Bitcoin in Texas
Recently, Texas has been in the news for submitting one proposal to allow Bitcoin to be an authorized government investment.
Then again, it’s now well known how Texas has always been at the forefront of blockchain and Bitcoin adoptionwhich shows its full support for the industry.
Not only that, Texas is also known to stay a hub for several Bitcoin mining companiescontinues to promote, promote and provide a platform for BTC which it considers a cutting edge innovation for the future.
The new proposal to make BTC an authorized government investment was presented to members of the state legislature and focuses on securing a strategic government approach to expanding the blockchain industry internally.
That report is 84 pages long and also discusses the utility of cryptocurrency as a reserve currency for the government, citing examples of other states such as El Salvador that have made it legal tender.
El Salvador and its first Bitcoin Embassy in Lugano, Switzerland
It was October 2022, when Lugano was mayor Michele Foletti and Milena Mayorga formalized the signing of a Memorandum of Understanding for economic cooperation between the City of Lugano and the Republic of El Salvador.
A first and actual Bitcoin Embassy in El Salvador in Luganowhich involves the physical presence of an El Salvador government representative on the territory of Lugano.
The purpose is to promote cooperation with educational and research institutions, and encourage the development of initiatives related to Blockchain and Bitcoin.
The announcement of this Memorandum of Understanding was made during the opening of the Plan B Foruman event in Lugano that brought together leading international experts in Bitcoin and Blockchain.
On the other side, Plan B was founded by Tether and the city of Lugano. During the October event, Plan B had announced a new one partnered with GoCrypto to officially bring Bitcoin, Tether and LVGA payments to the Swiss citywhich already involves McDonald’s and more.
More specifically, by Bitcoin payments they mean Bitcoin Lightning (BTC), Tether (USDT) and by LVGA the local token in Lugano.
El Salvador and the launch of Bitcoin bonds
Back to El Salvador, there was a recent analysis of the situation regarding its not yet launched Bitcoin bondswhich was announced as early as November 2021, two months after BTC became legal tender in the country and, more importantly, in the midst of a price bubble.
The announcement spoke of a likely launch during March 2022, although that did not happen then, despite stating that there were already $500 million in requests.
In reality, El Salvador was already targeted at the time to raise a billion dollarsto be allocated to the implementation of Bitcoin City and its investments.
In retrospect, if the initial launch had happened, and the funds that would have been raised from Bitcoin bonds would have been invested at the time in BTC, they would have experienced the long crypto winter that characterized all of 2022.
This is why there has probably been so much anticipation for the launch of the infamous Bitcoin bonds that perhaps, may finally be launched during 2023.
Expect this is Bitfinex crypto exchangethe place where El Salvador’s bond tokens created by specialist company Blockstream will then be listed, so they can then be bought by investors.
And indeed, Paolo ArdoinoCTO of Bitfinex, is reported to have said that there should be sufficient demand in the market at this point for the Central American country to raise the full billion dollars it intends to raise from the bond issue.
BTC’s price performance in the last month
At the time of writing, BTC is worth $22,150up from $21,150 last month, although during those 30 days BTC had touched $24,157.
This chart of BTC’s price over the past month basically sees 3 price levels:
- up to 1/20 average price level was $21,150;
- from 1/20 to 10/2, the average price has been around $23,500;
- from 10/2 to today the price has returned to $22,100;
Someone talked about BTC’s Death Cross of the last weekusing this technical term as a signal of a potential change in the price trend.
However, others have come out with predictions about the price of BTC in 2025. These include businessman Robert Kiyosakiwhich explained how Bitcoin May Reach $500,000 Price By 2025, Partly “Thanks” to Fed.
