Daily Archives: August 8, 2022

Economist and gold bug Peter Schiff has made some dire predictions about cryptocurrency, particularly bitcoin and ether. He explained that The need to sell bitcoin to pay the bills will only get worse as the recession deepens, adding that bitcoin is poised to crash to $20K while ether will sink to $1K.

Gold bug Peter Schiff, the chief economist and lead strategist at Euro Pacific Capital and founder of Schiffgold, has made some dire predictions about bitcoin, ether, and the crypto market in general.

He tweeted Saturday:

Bitcoin looks poised to crash to $20K and ethereum to $1K Dont buy this dip. Youll lose a lot more money.

Schiff further explained in several tweets Sunday: With food and energy prices soaring, many bitcoin Hodlers will be forced to sell to cover the cost. Grocery stores and gas stations dont accept bitcoin.

The economist noted: When Bitcoin crashed during Covid no one needed to sell. Consumer prices were much lower and Hodlers got stimulus checks.

Schiff stressed:

The need to sell bitcoin to pay the bills will only get worse as the recession deepens and many Hodlers lose their jobs, especially those working for soon to be bankrupt blockchain companies.

If circumstances change, long-term buyers without paychecks will be forced to sell, he added.

Most bitcoin proponents continue to ignore all bitcoin and crypto predictions made by Schiff, with many seeing his gloomy expectations as a buy signal for BTC.

Possibly the most consistently bad investment advice on public record, one Twitter user wrote. Another asked Schiff: Check bitcoin or Ethereum 5-year charts, then check golds. Which would you rather have held? Which would you rather hold for another 5 years?

At the time of writing, bitcoin is trading at $26,212.07 whereas ether is at $1,373.77.

Furthermore, a growing number of grocery stores and gas stations have started accepting bitcoin as well as other cryptocurrencies. Sheetz, a major Mid-Atlantic restaurant and convenience chain, announced in May last year that it had become the first convenience store chain to accept bitcoin. Several convenience stores and gas stations have also installed two-way bitcoin ATMs, including a leading convenience and fuel retailer, Circle K.

While Schiff is bearish about bitcoin, ether, and the crypto market in general, many people are very bullish about BTC. Venture capitalist Tim Draper recently doubled down on his $250K bitcoin prediction. U.S. Senator Ted Cruz said he is incredibly bullish on bitcoin and has a weekly BTC buy. Devere Group CEO Nigel Green said last week that he expects a bull run and a significant bounce in the price of bitcoin in the fourth quarter of this year.

JPMorgan said last month that the firm sees a significant upside to bitcoin. The global investment bank has replaced real estate with crypto as its preferred alternative asset. Moreover, a recent Deloitte survey found that 85% of U.S. merchants say enabling crypto payments is a high priority for them.

What do you think about Peter Schiffs warnings? Let us know in the comments section below.

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Economist Peter Schiff Explains Why He Expects Bitcoin to Crash as ...

A popular crypto analyst is breaking down how the partnership between two financial giants could trigger a Bitcoin (BTC) explosion to $773,000.

Last week, US-based crypto titan Coinbase announced that it teamed up with BlackRock, the biggest asset manager in the world, to bring cryptocurrency trading to wealthy clients.

In a new strategy session, the host of InvestAnswers tells his 443,000 YouTube subscribers that the partnership could boost Bitcoins market cap by a trillion dollars at the very least.

If BlackRock puts 0.5% of their assets under management into Bitcoin using my multiplier which is 21x, that will impact the market cap by $1.05 trillion, which will add about $75,000 to Bitcoins price, taking it to $98,000, and an ROI (return on investment) from todays price is 326%. This is very, very achievable

Now if they allocate 1%, which of course will take time to get to that level, that would add about $2.1 trillion to the market cap, $150,000 to the price, and that would take the future price of Bitcoin to $173,000, which is a 652% gain from here.

If they add 5%, which is what Dan Tapiero says, I think its way too aggressive. Maybe over time, maybe in the next three to five years, that could be possible. That would take the price of Bitcoin to $773,000 in the next three to five years pretty easily.

The crypto strategists analysis was inspired by comments from 10T Holdings CEO Dan Tapiero. According to the prominent macro investor, the deal between BlackRock and Coinbase could propel Bitcoin above $250,000,

Chart that got BlackRock excited about partnership with Coinbase!

No bigger a macro opportunity for BlackRock than acting to facilitate Bitcoin adoption. [A] 5% shift in BLK assets is $500 billion, greater than BTC value today. Catalyst for path to $250,000+ post BTC halving becoming clear.

BlackRock currently has $10 trillion in assets under management.

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Featured Image: Shutterstock/Bryan Vectorartist/Natalia Siiatovskaia

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BlackRock and Coinbase Deal Could Trigger Bitcoin Burst to $773,000, According to InvestAnswers - The Daily Hodl

On Monday (August 8), Bitcoin is trading above the $24,000 level for the first time June 13.

According to data by TradingView, on Binance, the $BTC price broke above the $24,000 level at 8:32 a.m. UTC on August 8, and currently (i.e. as of 9:34 a.m. UTC on August 8) $BTC is trading around $24,157, up 5.02% in the past 24-hour period.

Earlier today, Matt Corallo, an open source engineer atSpiral, which is an independent, bitcoin-focused entity within the Block ecosystem of companies, criticized those Bitcoin maximalists who are more focused on attacking other projects than with explaining why Bitcoin is great and unique.

Corallo joined the Spiral team at Block in October 2019. Prior to that, he was working as an engineer for nearly three years at Chaincode Labs, which is a Bitcoin research and development center based in Midtown Manhattan, New York. Corallo has been writing patches for the BitcoinJ Open Source Library since June 2012.

Corallo, who is the 10th known contributor to Bitcoin Core, took to Twitter to criticize the small segment of Bitcoin maximalists that is usually labeled toxic by the crypto community:

This upset a few Bitcoin maximalists, such as Bitcoin advocate Samson Mow:

One thing that might have helped to drive Bitcoins latest price rally is the recent partnership announcement between BlackRock and Coinbase:

On August 4, Coinbases Brett Tejpaul (who is Head of Coinbase Institutional) and Greg Tusar (who is Head of Institutional Product) published ablog post, in which they stated that Coinbase and BlackRock were going to create new access points for institutional crypto adoption by connecting Coinbase Prime and Aladdin.

The blog post went on to say that Coinbase is partnering with BlackRock, the worlds largest asset manager, to provide institutional clients of Aladdin, BlackRocks end-to-end investment management platform, with direct access to crypto, starting with bitcoin, through connectivity with Coinbase Prime. Apparently, Coinbase Prime will provide crypto trading, custody, prime brokerage, and reporting capabilities to Aladdins Institutional client base who are also clients of Coinbase.

Joseph Chalom, Global Head of Strategic Ecosystem Partnerships at BlackRock, had this to say:

Our institutional clients are increasingly interested in gaining exposure to digital asset markets and are focused on how to efficiently manage the operational lifecycle of these assets. This connectivity with Aladdin will allow clients to manage their bitcoin exposures directly in their existing portfolio management and trading workflows for a whole portfolio view of risk across asset classes.

Featured Image viaPixabay

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Bitcoin ($BTC) Surges Above $24K for the First Time in 8 Weeks - CryptoGlobe

Ether (ETH), Ethereum's native token, has been continuing its uptrend against Bitcoin (BTC) as euphoria around its upcoming network upgrade, "the Merge," grows.

On the daily chart, ETH/BTC surged to an intraday high of 0.075 on Aug. 6, following a 1.5% upside move. Meanwhile, the pair's gains came as a part of a broader rebound trend that started a month ago at 0.049, amounting to approximately 50% gains.

The ETH/BTC recovery in part has surfaced due to the Merge, which will have Ethereum switch from proof-of-work (PoW) to proof-of-stake (PoS) mining.

From a technical perspective, Ether stares at potential interim losses as ETH/BTC paint a convincing rising wedge.

Rising wedges are bearish reversal patterns that occur when the price trends higher inside a range defined by two rising, converging trendlines. As a rule, they resolve after the price breaks below the lower trendline by as much as the structure's maximum height.

Moreover, a declining volume and relative strength index (RSI) against a rising ETH/BTC further increases bearish divergence risks. This gives weight to the wedge's bearish setup for a target of 0.064 BTC, or down 11% from Aug. 's price.

Meanwhile, technicals paint a brighter picture for Ethereum against the U.S. dollar. The potential of a 10% breakout for ETH/USD looks strong in August due to a classic bullish reversal pattern.

Related:Decentralized finance faces multiple barriers to mainstream adoption

On a four-hour chart, ETH/USD has formed what appears to be a "double bottom." This pattern resembles the letter "W" due to two consecutive lows followed by a change in direction from downtrend to uptrend, as illustrated below.

Meanwhile, a double bottom pattern resolves after the price breaks above its common resistance level andas a rule of technical analysisrises by as much as the distance between the first bottom and the resistance.

As a result, ETH could rally toward $1,940 in August, up 10% from Aug. 's price.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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Ethereum price rises by 50% against Bitcoin in one month but there's a catch - Cointelegraph

Any currency must have an exchange value, i.e., it can be exchanged for products or services. Cryptocurrency has been trying to bridge this usability gap for a while now; however, to make it popular as a means of payment, the industry was marred with periods of high transaction fees. Ethereum, the second-largest cryptocurrency and the leader of altcoins, has become synonymous with high gas fees. Acknowledging the same, the co-founder of Ethereum, Vitalik Buterin, noted that the crypto payments would again make sense as transaction costs reduce to mere cents due to layer-2 rollups.

CoinTelegraph quoted Buterin during the ongoing Korea Blockchain Week [KBW], adding that blockchain data compression is the final hurdle to getting the gas fees down. Although layer-1 is slowly working on reducing the gas fees, the real wonders of the Ethereum ecosystem were observed on layer-2 scaling solutions. For instance, the cheapest L2 alternatives were Loopring and ZKSync. Loopring charged $0.01 per transaction, whereas the cost of a single transaction on ZKSync was $0.02.

During his talk, Butering pointed at Optimisms layer-2 solution, which has worked to reduce the size and cost of data in blockchain transactions by introducing zero byte compression. He noted,

So today with roll ups, transaction fees are generally somewhere between $0.25, sometimes $0.10, and in the future with roll ups with all of the improvements to efficiency that I talked about. The transaction costs could go down to $0.05, or even maybe as low as $0.02. So much cheaper, much more affordable, and a complete game changer.

While Ethereum was at the center of the high transaction fees claims, Buterin pointed at Bitcoin and noted that its peer-to-peer electronic cash system had become expensive over time. Until 2013 it was cheaper than traditional payment methods; however, blockchain transaction has become expensive given its adoption.

Buterin stated,

Its a vision that has been, I think, forgotten a little bit and I think one of the reasons why it has been forgotten is basically because it got priced out of the market.

Nevertheless, Bitcoins layer-2 Lightning network has been at work to address this issue and could eventually reduce the cost to fractions of a cent.

Buterin set his sight on lower incomes countries or places where the existing financial system is not very effective to solve the problem. With the cheap crypto transactions, citizens will gain access to vital payment structures over the internet, which has already seen massive adoption despite the cost of International remittances.

However, if we zoom out, Ripple was already working on connecting many such countries through its On-Demand Liquidity technology. Using XRP, Ripple is offering payment solutions to crypto users and the world. Through its On-Demand Liquidity [ODL] services, Ripple has largely bridged financial gaps in offering remittance services. Recently, Ripple signed a partnership with FOMO Pay, one of the leading payment institutions in Singapore, to improve its treasury payments by leveraging ODL.

Nevertheless, his vision for Ethereum was to make transaction costs cheaper and help ramp up adoption for non-financial applications like domain name system [DNS] servers, humanity proof of attendance protocols, and Web3 account management services.

You need to actually send a transaction to create a DNS name, you need to actually send the transaction to recover your account, you need to actually send a transaction to meet some of these adaptations. If doing each of those operations costs like $11, then people are not going into it.

While many have repeatedly questioned Ethereums scalability plan, Butering noted that it wasnt just like some boring thing where you need as cost numbers go down. scalability, I think actually enables and unlocks entirely new classes of applications.

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This will reduce Bitcoin, Ethereum Tx fees to cents: Vitalik Buterin - Watcher Guru

Bitcoin (BTC) goes into another key macro week in the United States with a welcome break to the upside.

After avoiding a now-familiar breakdown around the weekly close, BTC/USD is surging higher at the time of writing on Aug. 8 to once more tackle resistance in place for two months.

Can the bulls win out? Momentum appears to be strong across crypto, but a host of potential stumbling blocks lie in the way.

With fresh U.S. inflation data due, the macro picture could yet upset the status quo, while sellers likewise show no sign of budging to allow reclaim of levels above $25,000.

Amid continued claims that Bitcoin is enjoying nothing more than a bear market rally, Cointelegraph takes a look at the state of play on the market as the new week begins.

These five factors will be worth bearing in mind when considering where Bitcoin price action could be going over the coming days.

Unlike recent weeks, Bitcoin allowed traders to breathe a sigh of relief at the Aug. 7 weekly close.

Instead of declining at or immediately after the candle close, BTC/USD instead began gaining, these gains including an impressive hourly candle, which saw almost $500 added.

The close in itself was impressive, constituting Bitcoins highest weekly candle close since June a firm break from the previous weekly downtrend data from Cointelegraph Markets Pro and TradingViewshows.

BTC/USD 1-week candle chart (Bitstamp) with 200-week MA. Source: TradingView

In addition, BTCs price defended its key 200-week moving average (MA) two closes in a row, cementing the likelihood of that trendline now forming support. This comes despite multiple retests during the week, with the 200-week MA sitting at around $22,900.

Prior to the close, some were already predicting volatility.

For popular trading account TraderSZ on Twitter, this would take the form of a big violent move, one which ended up being to the upside.

I know its hard to convince you that $BTC has touched the Bottom. But you cant ignore it. Never Break This Line in History, fellow account Jibon added alongside a weekly chart featuring another MA trendline.

Looking at possible targets, anywhere between $25,000 and $28,000, commentators believe, with Cointelegraph already reporting on one traders expectations of a $30,000 retest.

Analyzing separate data governing two exponential moving averages (EMAs), meanwhile, trading resource Stockmoney Lizards agreed with Jibon about a macro bottom already being complete for Bitcoin.

Cycles repeat. Shortly after EMA bands crossing, cycle low is in. From there, the uptrend is close, it summarized on Aug. 7:

Mid-term target 38k - 40k which be in this descending resistance level area. After this, we'll see a breakout and another bull run.

$40,000, while lofty by todays standards, is also not without its adherents even as part of an extended bear market relief rally.

The main macro event in what is otherwise a sleepy summer month is due in the coming days.

U.S. inflation will become top of the list of discussion topics in crypto and beyond on Aug. 10 as the Consumer Price Index (CPI) figures for July hit the radar.

The schedule is already ingrained in the minds of risk asset traders everywhere while not indicative of a specific trend in and of themselves, CPI releases are reliably accompanied by market volatility before, during and after the fact.

The question on everyones lips this time around, however, is whether inflation has peaked.

The question is complex: Fuel prices began decreasing in July, while CPI components such as rent prices conversely hit all-time highs.

The decline in commodities is a key cause for optimism for Tesla CEO Elon Musk, as Cointelegraph reported, who used the trend as a basis for suggesting that inflation would be going down from here.

This could change, obviously, but the trend is down, which suggests that we are past peak inflation, he said during Teslas Annual Meeting of Stockholders last week.

After months of key interest rate increases, meanwhile, the Federal Reserve will not make a decision on further monetary policy moves until September. More broadly, the central bank is in a bind, commentators argue, being unable to hike rates much further without unintended side effects.

According to on-chain monitoring resources, hodlers are unmoved by the latest upticks in BTC price action after months of declines.

While this is nothing unusual, it remains interesting to see how long-term holders resolve will be tested should further gains enter.

In automated updates this week, on-chain analytics firm Glassnode noted that the amount of the BTC supply last active in the past 24 hours is declining on average, potentially reflecting a lack of knee-jerk reactions to price moves.

Likewise, the seven-day MA of median on-chain transaction volume reached one-month lows of its own on the day, beating its previous lows from Aug. 1.

On higher timeframes, the trend is also visibly skewed toward pragmatism. The portion of the BTC supply which has stayed dormant in its wallet for three years or more continues to increase, reaching new all-time highs of 38.426% on the day.

Bitcoin % supply last active 3+ years ago chart. Source: Glassnode/ Twitter

The changes are more easily viewed on the HODL Waves metric, which provides an overview of what proportion of the BTC supply has remained dormant for specific lengths of time.

2022, it shows, has seen a marked increase in coins stationary for between one and two years.

Bitcoin HODL Waves chart (screenshot). Source: Unchained Capital

On the topic of hodling, current conditions appear to be firmly lackluster for exchanges amid little genuine interest in buying crypto assets.

While the worlds largest asset manager, BlackRock, announced a partnership with U.S. exchange Coinbase last week, its order book remains dead, one commentator puts it, with retail interest absent this summer.

Byzantine General further noted a crazy imbalance between bids and asks, indicating that the majority of exchange users are waiting for BTC/USD to match its June lows of $17,600.

Data from the Binance order book supplied by on-chain monitoring resource Material Indicators likewise highlights gaps in activity much above $24,000.

This can change quickly, however, as spot price moves up and down its trading range.

BTC/USD buy and sell levels (Binance) as of Aug. 7. Source: Material Indicators/ Twitter

When it comes to the bear market rally, sentiment data may offer an unlikely clue as to whether the true bottom is really in.

As noted by research firm Santiment and macro analyst Alex Krueger, mainstream interest in Bitcoin bear markets in fact tends to peak just after, not before, macro asset price bottoms.

While Kruger contrasted the events of March 2020 with 2009 in the S&P 500, Santiment pointed to social media content relating to Bitcoin around BTC price floors.

Even mentions of classic crypto-crowd terms such as moon and Lambo peak once the worst of the price drawdown is done, it concluded in findings published last week.

During the crypto slide in 2022, the crowd has been calling for moon and lambo in a sarcastic fashion whenever prices drop again, researchers explained on Twitter:

However, the true irony is that spikes in these words are actually often marking moments when $BTC is about to rise.

Bitcoin social media engagement chart. Source: Santiment/ Twitter

According to the sentiment gauge, the Crypto Fear & Greed Index, meanwhile, support is building above the markets extreme fear zone, which has been absent since mid-July.

The Index measures 30/100 on Aug. 8, unmoved versus the day prior and representative of fear being the overall market mood. Extreme fear corresponds to a score of less than 25.

Crypto Fear & Greed Index (screenshot). Source: Alternative.me

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Has US inflation peaked? Five things to know in Bitcoin this week - FXStreet

Are you thinking about starting a business around Bitcoin? If so, here are five businesses that Bitcoin facilitates that you should know.

Bitcoin has sparked the creation of several businesses over the last decade its been around. Thats because cryptocurrency represents an innovation. Many experts tout Bitcoins underlying technology as having the potential to revolutionize how different sectors operate.

Bitcoins most prominent use case is as a digital currency. You can buy, sell, and trade Bitcoin on exchanges. But thats just the tip of the iceberg. The cryptocurrency also facilitates other businesses like remittances, lending, and investments.

Today, some people earn their living by directly providing goods and services related to Bitcoin, while others work in more traditional jobs but receive payments in Bitcoin. Here are five businesses that Bitcoin has made possible.

The most obvious way to make money with Bitcoin is through Bitcoin trading or mining. Trading refers to the act of buying and selling Bitcoins on an exchange, while mining is the process of verifying and adding transaction records to the public ledger (blockchain).

Mining is how new Bitcoins enter circulation. The Bitcoin system rewards miners with new Bitcoins and transaction fees for each block they successfully mine.

Bitcoin trading can be highly profitable, but it also comes with risks. Prices of Bitcoin can be incredibly volatile, and investors or traders need to be careful when buying or selling Bitcoin. Nevertheless, platforms like Bitcoin Prime allow individuals to register and start trading cryptocurrencies quickly and efficiently.

Another way to earn money from Bitcoin is to provide services that are related to this cryptocurrency. For example, you could start a Bitcoin-based website or blog and make money through advertising revenue. Or you could provide consulting services to businesses considering integrating Bitcoin into their operations.

You could also develop and sell software related to Bitcoin or cryptocurrencies, such as wallets, exchanges, or analytics tools. Developers have already created and sold many software products, but there is still room for more innovation in this space.

You can also start a business that accepts Bitcoin as payment. And his could be anything from a coffee shop to an online store. By accepting Bitcoin, you can tap into a new customer base that may be interested in using this cryptocurrency.Some businesses that accept Bitcoin are still hesitant to do so because of the volatility of Bitcoin prices. However, there are ways such companies can mitigate this risk, such as by immediately converting Bitcoin payments to fiat currency or by using a hedging strategy.

Another business that has sprung up around Bitcoin is the Bitcoin ATM. These ATMs allow users to buy and sell Bitcoin and other cryptocurrencies. They typically charge a small fee for their services, but they can be a convenient way for people to get started with cryptocurrencies.

Last, Bitcoin exchanges are another business made possible by this cryptocurrency. Crypto exchanges are websites that allow people to buy and sell Bitcoin and other cryptocurrencies. They usually charge a small fee for their services.

Bitcoin exchanges are a convenient way for people to buy and sell cryptocurrencies. However, they can also be risky, as the Mt. Gox exchange hack demonstrated. And this highlights the need for exchanges to implement strong security measures to protect against hacking.

These are just a few of the businesses that Bitcoin has made possible. This cryptocurrency has sparked a lot of innovation and continues to do so. As Bitcoin adoption grows, we expect to see more businesses that will operate based on this technology spring up.

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Five Businesses That Bitcoin Facilitates - Android Headlines

There is a growing a powerful backlash against Bitcoin mining. In the past 2 months: New Yorks legislative assembly established a moratorium on mining based on PoW; Dick Durbin, the second highest ranked Democrat in the Senate, tweeted that Bitcoin mining uses obscene amounts of energy; the European Central Bank indicated that a ban on PoW is likely by 2025.

The problem is that the growing movement against Bitcoin mining, specifically its use of energy to satisfy PoW consensus protocol, defies logic. The FUD and the facts dont align. The reality is Bitcoin mining is providing unprecedented utility to society. It is helping to mitigate methane emissions at landfill and oil fields, whilst also providing a unique demand that stabilizes energy grids.

The concern is that the FUD is orientated along political lines. The movement against Bitcoin mining is more heavily resourced by democratic and left-leaning groups. Therefore, is the growing progressive support for Bitcoin more than just beneficial to its wider adoption? Could it be vital to dispel the disinformation? Is Bitcoins future dependent upon a de-polarisation of the ecosystem?

Whatever the trajectory of the discussion, one thing is clear: Harry Sudock is one of the most clear-eyed, passionate and articulate voices within our industry. With people of such uncompromising yet pragmatic vision, we have the resources to win the battle of ideas. The Bitcoin communitys role is to help circulate the facts amongst the groups spreading the FUD.

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The Current State of Bitcoin Mining with Harry Sudock - What Bitcoin Did

Nayib Bukele, the president of El Salvador, declared that the speedy recovery of tourism in the country had to do with three elements, including surfing, bitcoin, and overall crime reduction. El Salvador was one of the 15 countries that managed to take their tourism incomes to pre-pandemic numbers according to data from the World Tourism Organization.

Nayib Bukele, the president of El Salvador and promoter of the adoption of bitcoin (BTC) as legal tender in the country, shared his thoughts about the growth of the tourism income in the Salvadoran country. Bukele stated that this growth was the consequence of three key factors: bitcoin, the promotion of surf, and the reduction of crime.

In a tweet, the president stated:

Only a handful of countries have been able to recover its tourism to pre-pandemic levels. And thats international tourism, so the reasons behind it are mostly bitcoin and surf.

El Salvador was recently included in a list of countries whose tourism income has returned to pre-pandemic levels. According to the World Tourism Organization, El Salvador has managed to grow its tourism income by 6% when compared to 2019.

This report is consistent with what the authorities have been reporting about the effect that the inclusion of bitcoin in the country since it was declared legal tender. In February, Morena Valdez, minister of tourism in the country stated that the tourism industry had risen 30% since this event.

Statistics further show that El Salvadors crime and homicide rate has dropped significantly since 2020. Moreover, in terms of surf, the El Salvador is home to some of the top rated waves in the world.

However, the president also made reference to the growth in national tourism, stating:

But internal tourism is growing even more, mainly because of our crackdown on gangs.

Bukeles government was criticized heavily due to the measure sit has taken to stop gang-related crime, declaring a state of emergency that resulted in more than 9,000 individuals being detained last April. However, Bukele claims this has pushed the growth of the national tourism industry.

To support his arguments, Bukele also linked the Google Mobility Report, a compendium of data that shows the change in the number of visits that are happening to certain places. The report shows that the visits to retail and recreation places, grocery stores and pharmacies, and parks have all grown in the last three months.

The government is also expecting new bitcoin investments that will bring more bitcoin supporters to the country. Milena Mayorga, ambassador of El Salvador in the US, recently announced that Bank Of The Future, a cryptocurrency investment platform, was going to invest $6 billion in the country.

What do you think about Nayib Bukeles view of the influence of Bitcoin on the growth of the tourism industry in El Salvador? Tell us in the comments section below.

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Nayib Bukele Attributes Tourism Recovery in El Salvador to Bitcoin, Surf, and Crime Reduction Bitcoin News - Bitcoin News

Veteran investor Jim Rogers, who co-founded the Quantum Fund with billionaire investor George Soros, has warned about cryptocurrency, stating that if and when all our money is on our computer, its going to be government money. Nonetheless, he noted that his wife invests in crypto.

Famed investor Jim Rogers shared his view about cryptocurrency in an interview with Bloomberg, published last week. Rogers is George Soros former business partner who co-founded the Quantum Fund and Soros Fund Management.

A lot of people I know are investing in crypto and having fun and making money. Many have already disappeared and have gone to zero, he began, elaborating:

My wife invests in crypto of all things, but I dont invest in them because the bulls say theyre going to be money, and my answer to that is, if and when all our money is on our computer, its going to be government money.

Rogers proceeded to explain that governments will not allow other currencies to compete with their currencies.

Pointing to his phone as an example of electronic money, the veteran investor opined: When the U.S. government says, okay, this is money now, and every government is working on crypto money, theyre not going to say: This is money, but if you want to use that [other] money, you can use that money.'

He stressed:

Thats not the way bureaucrats think. Thats not the way politicians think. They want control. They want to regulate everything.

In my view, if they [cryptocurrencies] are just trading vehicles, fine, have at it. [But] Im not going to trade, Im not doing it, he concluded.

Rogers was asked if anything would change his mind about investing in crypto. He admitted that if things change then he will also have to change. For example, If suddenly the euro is all denominated in crypto, well then I have to change, he said. However, Rogers noted that he doesnt see it happening.

This was not the first time that the Quantum Fund co-founder warned about governments coming after cryptocurrency. In April last year, he said governments could ban cryptocurrencies. If cryptocurrencies become successful, most governments will outlaw them, because they dont want to lose their monopoly, Rogers stressed. He also previously said, virtual currencies beyond the influence of the government will be eliminated.

In addition, he warned last month that more bear markets are coming and the next one will be the worst in his lifetime. Noting that many stocks will go down 90%, he cautioned that investors will lose a lot of money. He also predicted the end of the U.S. dollar, fueled by the Russia-Ukraine war.

Do you agree with Jim Rogers? Let us know in the comments section below.

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Renowned Investor Jim Rogers Warns Governments Want to Control Crypto 'They Want to Regulate Everything' Regulation Bitcoin News - Bitcoin News