El Salvador President Nayib Bukele said on Sunday that the country will host delegates from 44 countries this week to discuss Bitcoin.
Bukele said in a series of tweets that delegates from 44 countries, consisting of 32 central banks and 12 financial authorities will meet in El Salvador to talk financial inclusion, economic digitization and the country’s famous Bitcoin adoption.
Delegates attending the talk appear to be from a mix of South American, African and South Asian countries.
Is El Salvador setting an example for emerging markets?
The country will host delegates from several countries, including Pakistan, Bangladesh, Paraguay, Haiti, Madagascar, and Maldives.
A common trend among the countries attending the talk is also that most of them are from emerging or frontier markets, indicating a relatively small economic profile. These types of countries have also usually led the charge in crypto adoption.
While Bitcoin isn’t a good inflation hedge for U.S. traders, emerging markets, which face much higher inflation rates, may see the token offering more value. For instance, countries such as Turkey and Argentina, which recently saw inflation surge to 50%, have seen a corresponding pick-up in crypto adoption.
El Salvador had also adopted Bitcoin during a period of economic weakness in the country- a trend that has continued into 2022. The Central African Republic also recently adopted Bitcoin as legal tender on a similar notion.
Bitcoin crash may challenge adoption
But while adoption is certainly positive for crypto, El Salvador’s conference comes amid one of the worst crypto crashes seen in recent times. Bitcoin has slumped more than 50% from its record high, while total crypto market capitalization fell by over $500 billion last week.
El Salvador may also be looking at a possible debt default due to the crypto crash, a report showed last week. The country is holding Bitcoin at a major loss.
Still, increased adoption may eventually prove to be a net positive for the world’s largest cryptocurrency. But critics have questioned its viability as a payment system, considering recent volatility.
- Are Hedge Funds Planning USDT Dump? Tether CTO Responds To Rumors
- Here’s Why Apecoin (APE) Price Is Skyrocketing Today
- Crypto Prices Falling Despite “Buy The Dip” Sentiment, Data Reveals Why
- Institutional Traders Dumped Bitcoin At A Record Pace Last Week
- Terra USTC Jumps 300%; Lands Back In Top 100 Cryptos
- Ripple’s EX CTO Dumps 40 million XRP tokens In Last 10 Days
- Dogecoin Soars 35%, Here’s Why Breaking This Level Is Crucial
- Crypto Lender Nexo Denies Fraud, Issues Cease And Desist Notice
- Ethereum (ETH) Price Rise and Stability Pulls Broader Crypto Market to $1 Trillion
- Scoop: This Hedge Fund Is Trying To Bailout BlockFi To Counter FTX
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
- SHIB Price Analysis: Overhead Supply Pressure Hints SHIB to Retest $0.00001
- Avalanche Price Analysis: Will The AVAX Breakout Rally Reach $30?
- Sandbox Price Analysis: U-shaped Recovery could Lead SAND above $1.5
- NEAR Price Analysis: Reversal Within Channel could Sink NEAR Below $3