CryptoWatch: El Salvador Has Hope In Bitcoin, But Will Cryptocurrency Prevail?

CryptoWatch is here to bring you the best cryptocurrency news from the past week and there are huge developments in the blockchain industry, as there are huge changes in the market right now. One would be what El Salvador’s President Nayib Bukele said about Bitcoin, as there are now high hopes for his future.

In addition, the numerous events including Bill Gates and NFT, the current decline and rise of BTC in the market.

(Photo: Dan Kitwood / Getty Images)

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The Salvadoran president is optimistic about the rise of Bitcoin

Salvadoran President Nayib Bukele is still optimistic, despite many criticisms of the cryptocurrency industry, especially in the best currency of all, Bitcoin. President Bukele said that “patience is the key“He talks about the use of Bitcoin and blockchain investments despite these difficult times that question everything it stands for and its existence.

There is a lot of controversy surrounding Bitcoin, with people believing that the coin and the industry are a giant bubble waiting to burst and cease its recovery in the current market. However, backtracking is not an option for many BTC users and fans, including the Salvadoran Presidentespecially as the country’s strengths are at stake in the progression of the blockchain.

Read also: Cryptocrash to bring down the US economy? Experts don’t believe it

Bitcoin drops below $ 20,000, is it rising again?

Since the beginning of the weekend, users have been struck by huge news on Bitcoin’s valuation and market performance, which has shown a further decline in their trajectory. Bitcoin has dropped again and has already seen its valuation drop below $ 20,000 which most users hadn’t expected as there were streams on its chart indicating it would rise.

This is the first time since the fall of November 2020 and users have been devastated by it, as many are still hoping to see the cryptocurrency rise and rise in these times. The major cryptocurrency is volatile, as is the broader market, with no assurance that its valuation will hold despite many users actively trading the coin.

However, Bitcoin’s performance is now massive, and according to CoinMarketCap, it’s on the rise. It recently jumped to $ 20,000, and in the past 24 hours, it jumped more than 6%.

Bill Gates is not a fan of NFT

Some believe in cryptocurrency, like the Salvadoran president, and some doubt it. One of the many unbelievers in the blockchain industry is Bill Gates, the former CEO and co-founder of Microsoft. He said in an interview that NFT is not something he would venture into despite its importance.

Gates said NFTs are based on the “great fool theory”, which is about buying something you think will earn more and thrive, as opposed to what they originally bought. People buy NFTs to invest, and when their valuation rises, it will be up to them to resell or keep them.

The Microsoft co-founder isn’t buying it and isn’t convinced of its potential right now.

Related article: The community of Solana takes over the assets of the whales

This article belongs to TechTimes

Written by Isaiah Richard

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