Last year, El Salvador became the first country in the world to adopt the flagship cryptocurrency as a legal tender. While it took the crypto community by surprise, people had a lot of mixed sentiments about the decision.
El Salvador adopted Bitcoin to improve the economy of the country, attract more foreign investment, boost domestic consumption and more. However, since Bitcoin is known for its price volatility many enthusiasts believe it to be a risky and an unstable step.
Even the citizens of the Central American country opposed the decision. Despite all the opposition, the optimism of the Salvadoran President Nayib Bukele has remained unfazed. He has now announced that El Salvador will be hosting 44 countries to discuss Bitcoin, its adoption, rollout and benefits to the country.
Bitcoin is the most prominent crypto asset and is struggling at the moment, in terms of its price. However, will the adoption of BTC by other countries improve the situation or not is something that is yet to be seen.
Meanwhile, if you are interested in buying the crypto king, make sure you take your time and opt for the best Bitcoin exchange.
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What to Know About the Meeting?
The flagship crypto asset has grabbed the attention of a large audience all over the globe. It is the biggest cryptocurrency and also offers utilities that are being explored by companies, organizations and countries around the world.
However, one main factor that makes a lot of interested parties skeptical, is its price movement. As mentioned earlier, BTC is associated with a lot of price volatility, which also affects the price movement of other altcoins in the market.
Even now, Bitcoin is trading at $29,819 (at the time of writing), after struggling to reach the $40k price region for weeks.
Here is a graph by CoinMarketCap that shows the price of BTC over the last month.
Despite the price movement seen above, El Salvador remains adamant regarding its support for the flagship crypto asset.
President Bukele announced late last night that 32 central banks and 12 financial authorities from 44 countries will be meeting in El Salvador today. The purpose of the meeting is to discuss:
- Banking the unbanked
- Benefits of BTC adoption in El Salvador
- Bitcoin rollout in the country
- Digital economy
- Financial inclusion
President Bukele also posted the announcement on Twitter and included the names of the banks that will be taking part in the follow-up tweets.
Bitcoin is indeed one of the topmost cryptocurrencies to invest in, despite the price movement seen above. However, if you are looking to invest in it, you need to keep an eye on the price, know when to purchase and choose the lowest fee Bitcoin exchange.
What to Know if you are New to Crypto Investing?
There are several factors new crypto investors may not be familiar with. Not having enough information can make the overall process of buying or trading cryptocurrencies challenging, risky and even intimidating.
The crypto industry has a wide range of crypto exchanges and an even higher number of digital assets for people to invest in.
However, the risks and complications can be minimized for novice parties if they are familiar with some helpful tips mentioned below.
- Monitor the price movement of the digital asset you want to buy
- Know when to invest
- Choose one of the largest Bitcoin exchanges that suit your needs if you want to buy BTC
- Start by investing as much as you can afford to lose
If you are a new crypto investor and want to buy Bitcoin you can click on SwissBorg or Kraken (U.S. citizens).
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