El Salvador has been defying expectations that many crypto enthusiasts have had since the Central American country adopted Bitcoin as a legal tender. It was the first country in the world to do so and despite facing opposition, the Salvadoran President has not ceased to execute his plans.
Among several initiatives such as building a Bitcoin City and a volcano-powered mining facility, a new one has been revealed.
According to reports, a large amount of Bitcoin will be granted to entrepreneurs in the eastern part of El Salvador’s capital. This is a bold initiative that has been revealed by El Salvador, despite the current market conditions noted, not only Bitcoin but the overall crypto space as well.
If you are also looking to invest in this digital asset you should know about its price movement as seen below and choose the best Bitcoin exchange.
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How does This New Initiative Highlights BTC’s Value?
It is no secret that the entire crypto market is going through a widespread decline. The prices of the digital assets are either stagnant, dropping or struggling to pass major price regions.
Even though Bitcoin is the largest cryptocurrency, it is not immune to the market conditions currently noted.
The crypto king is currently trading at $20,921 (at the time of writing). It has been struggling to break above this price level and has been facing extreme fluctuations.
Here is a graph by CoinMarketCap that shows the price movement of the flagship crypto asset over the past week.
Such extreme and volatile fluctuations have caused many to step back from the top cryptocurrency. On the other hand, El Salvador has taken another bold step and has revealed that a $100,000 Bitcoin grant will be given to the entrepreneurs in the municipality of Soyapango.
Soyapango is a district in San Salvador, capital of El Salvador. It has a total population of 290,000 people and has a reputation for gang violence. It is a major roadway that leads to the eastern part of the country.
Therefore, in an attempt to improve the economy and condition of the Soyapango district, entrepreneurs operating in the region can claim a $100K BTC grant.
At the moment, there are no details about the qualification criteria and application process. However, it has been announced that the grant will be funded by Bitfinex.
The project was set to rollout in the first six months of the year but had to be delayed due to the current market conditions.
Despite the price volatility seen for Bitcoin, authorities in El Salvador remain adamant regarding their BTC plans for the country. Some expect this to highlight the persistent value of the crypto king and indicate possible price recovery as well.
Some Important Tips New Investors Should Know
Taking a look at the price movement of an asset before investing in it is one of several tips you should know as a novice crypto investor. Other aspects need to be considered as well, especially if you are looking to purchase a digital currency for the first time.
The more information you have about crypto investing, the easier the overall process can be for you.
Here are some tips you need to know if you are a new crypto investor.
- Monitor the price movement of the digital asset you want to buy.
- Know when to invest.
- Choose one of the largest Bitcoin exchanges that offer high-end security and suit your needs the most.
- Start by investing a small amount.
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