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Bank of America Believes Bitcoin Could Mean More Money for Salvadorans

by Miki 08/02/2021
by Miki 08/02/2021 0 comment

Bank of America, a leading US-based multinational investment bank, acknowledged that Bitcoin (BTC) could trigger a progressive digitalisation of the financial system, translating to more money for workers in El Salvador.

Per the announcement:

“Bank of America reports Bitcoin could mean more money for workers, a progressive digitalization of the financial system, greater consumer choice, and an increase of foreign direct investment for El Salvador.”

In June, El Salvador became the first country to adopt BTC as legal tender. This development was seen as a stepping stone towards generating jobs in a nation where 70% of the population works in the informal economy and does not hold a bank account. 

Moreover, it could prompt financial inclusion by offering access to investments, savings, credit, and secure transactions. 

Africa is also not being left behind in the Bitcoin bandwagon because it recorded the largest P2P volume growth. This trend was being caused by African youths taking up the mantle of bettering their lives and their families through Bitcoin. 

Bitcoin leaves exchanges in droves

According to on-chain metrics provider Santiment:

“Bitcoin’s exchange action was a primary initiator of the breakout we saw this week. BTC’s price has hit $42.5K, and there were huge exchange activity swings favoring coins moving off of exchanges Monday, Wednesday, & Thursday to push prices upwards.”

Image

These statistics show that BTC rose to $42.5K as many coins were exiting exchanges, given that this signifies a holding culture. 

However, the leading cryptocurrency had retracted to the $40.3K level during intraday trading, according to CoinMarketCap. 

Bitcoin’s recent surge made the futures markets heat up because funding rates flipped positive across various major exchanges. Furthermore, social and trading volumes went through the roof after hitting a 5-week high. 

Bitcoin’s address activity also hit a record high in the last three weeks by surging by 44.1%. 

Image source: Shutterstock



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The New Jersey Crypto News
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Ripple
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    • All Alt Coin
  • Learn
    • Learn

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

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      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

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      Learn

      How to Create Your Own Cryptocurrency

      10/13/2021

  • Analysis
    • Analysis

      Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

      12/29/2021

      Analysis

      Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

      12/29/2021

      Analysis

      Ethereum Recovery Could Soon Fade If ETH Fails To Surpass $4k

      12/28/2021

      Analysis

      Charles Hoskinson Shares Cardano Plans for 2022

      12/28/2021

      Analysis

      Bitcoin Prints Bullish Pattern, Why BTC Could Surge To $50K

      12/27/2021

  • Blockchain
    • Blockchain

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