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

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      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

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
Bitcoin

El Salvadors’ Bitcoin Adoption Could Pose Challenge for the Country

by Miki 07/12/2021
by Miki 07/12/2021 0 comment

Wall Street giant JPMorgan isn’t quite happy with El Salvador making Bitcoin (BTC) a legal tender in the country. The banking firm noted that passing the Bitcoin law could pose a challenge for Bitcoin as well as the cryptocurrency itself.

Analysts of JPMorgan noted that Bitcoin’s daily trading volume hits anywhere between $40 to $50 billion. However, most of this has been internalized by major exchanges. It further adds that a large port of BTC remains illiquid, with over 90% not changing hands in a year.

The banking giant said this illiquidity and the volume is “potentially a significant limitation on its potential as a medium of exchange”. It further added:

“Daily payment activity in El Salvador would represent ~4% of recent on-chain transaction volume and more than 1% of the total value of tokens which have been transferred between wallets in the past year”.

Besides, the banking giant also points out some key challenges for El Salvador concerning its Bitcoin adoption. As reported by Bloomberg, this includes:

  • The growing skepticism and resistance for using Bitcoin as a medium of exchange.
  • Bitcoin’s high volatility will pose a major challenge for its bimonetary system along with the official use of U.S. Dollars.
  • An imbalance in the demand for the Bitcoin/USD conversions can “cannibalize onshore dollar liquidity” says JPMorgan. Thus, this can eventually result in fiscal and balance of payment risks.

El Salvador’s Bitcoin Adoption

Last month, the Latin American country passed the Bitcoin law making it a legal tender alongside the U.S. Dollars. As a result, merchants and service providers will have to accept Bitcoin as a means of payment.

With President Nayib Bukele taking such a Bitcoin-friendly measure, there’s growing skepticism about its use. The IMF has raised ocnecenrs over this move while the World Bank has denied any technical assistance in implementing Bitcoin.

The recent Bitcoin adoption comes in the wake of the economic downturn faced by El Salvador. It will be interesting to see how the Latin American country justifies this move over a period of time.

Source link

Views: 1
AdoptionBitcoinChallengeCountryposeSalvadors
Share
0
FacebookTwitterPinterestEmail
previous post
Dogecoin Co-Creator Regrets Not Becoming a $DOGE HODLer Back in 2014
next post
Ethereum, Binance Coin, Chainlink Price Analysis: 12 July

Related Posts

Elon Musk thinks this individual could be the...

12/29/2021

Bitcoin price trades under $48k as $6 billion...

12/29/2021

Indian security regulator warns mutual funds against investing...

12/29/2021

Bitcoin Will Remain ‘Digital Gold’, But Not A...

12/29/2021

Key Factors that Propelled Ether’s 4X Growth over...

12/28/2021

Gold Proponent Peter Schiff Claims Bitcoin is Losing...

12/28/2021

Trend Is Again Shifting From Outflows To Inflows

12/28/2021

Why Bitcoin Will Never Surpass The Market Cap...

12/28/2021

Crypto hacks led to $9.8 billion in losses...

12/28/2021

Is Bitcoin (BTV) Going To Hit $100k? Ambitious...

12/28/2021

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

For security, use of Google's reCAPTCHA service is required which is subject to the Google Privacy Policy and Terms of Use.

I agree to these terms.

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

    12/29/2021
  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

    12/29/2021
  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

    12/29/2021
  • Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

    12/29/2021
  • Sushi Up 17% Amid DeFi 2.0 Rescue Rumors

    12/29/2021

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)

About Us

About Us

Our mission is to develop a community of people who try to make financially sound decisions. The website strives to educate individuals in making wise choices about Cryptocurrencies, blockchain, Market, and more.

Featured Posts

  • Bitcoin Whales: Why They Matter and Who They Are

  • Why Bitcoin Could Correct Lower Below $60K In Near-Term

  • The odds of XLM extending its uptrend will depend on…

Recent Posts

  • Are Solana’s bulls really strong enough to halt further decline

  • Elon Musk thinks this individual could be the potential Bitcoin (BTC) creator Satoshi

  • Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

Categories

  • All Alt Coin (2,280)
  • Analysis (312)
  • Bitcoin (1,302)
  • Blockchain (1,068)
  • Dogecoin (700)
  • Ethereum (304)
  • Learn (139)
  • Ripple (149)
  • Facebook
  • Instagram
  • Linkedin
  • Contact
  • Privacy Policy
  • Terms & Conditions

@2021 -thecryptonewsweb.com - All Right Reserved.

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

      How to Trade Futures Contracts on Changelly PRO

      11/14/2021

      Learn

      EtherLite (ETL) Cryptocurrency Price Prediction

      11/12/2021

      Learn

      How to Trade Bitcoin Futures

      11/12/2021

      Learn

      How to Start Trading Cryptocurrency

      10/21/2021

      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

      Iran Bans Crypto Mining to Avert Major Blackouts in Winter Season

      12/29/2021

      Blockchain

      Italian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG…

      12/29/2021

      Blockchain

      ProShares Files for New Metaverse ETF With U.S. SEC

      12/28/2021

      Blockchain

      Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite –…

      12/28/2021

      Blockchain

      Binance Trading Platform Licenses in Bahrain, Canada

      12/28/2021

  • Market Cap
  • RelevantRelevant(REL)$0.825.35%
  • Heart NumberHeart Number(HTN)$0.000553-30.47%
  • TadpoleTadpole(TAD)$7.32-1.76%
  • SEENSEEN(SEEN)$2.05-2.27%
  • EvedoEvedo(EVED)$0.082301-0.80%
  • MarginswapMarginswap(MFI)$0.184214-2.17%
  • SakeTokenSakeToken(SAKE)$0.0127234.37%
  • WTF TokenWTF Token(WTF)$0.0113500.16%
  • BNSD FinanceBNSD Finance(BNSD)$0.005460-5.83%
  • RobotinaRobotina(ROX)$0.00266138.50%
  • CageCage(C4G3)$0.005010-3.67%
  • YAM v2YAM v2(YAMV2)$4.70-1.41%
  • PolkaBridgePolkaBridge(PBR)$0.439876-7.02%
  • DSLA ProtocolDSLA Protocol(DSLA)$0.003681-6.85%
  • lympoLympo(LYM)$0.004392-4.43%
  • Falcon ProjectFalcon Project(FNT)$0.000366-2.23%
  • DYORDYOR(DYOR)$0.00002020.53%
  • TICOEX TokenTICOEX Token(TICO)$0.0013640.52%
  • MMS Cash TokenMMS Cash Token(MCASH)$1.000.00%
  • bitcoinBitcoin(BTC)$30,236.002.96%
  • ethereumEthereum(ETH)$2,036.873.18%
  • tetherTether(USDT)$1.00-0.05%
  • binancecoinBNB(BNB)$322.101.90%
  • usd-coinUSD Coin(USDC)$1.00-0.19%
  • rippleXRP(XRP)$0.4216052.22%
  • Binance USDBinance USD(BUSD)$1.00-0.13%
  • cardanoCardano(ADA)$0.543.61%
  • SolanaSolana(SOL)$52.334.87%
  • dogecoinDogecoin(DOGE)$0.0861980.97%
  • polkadotPolkadot(DOT)$10.141.34%
  • AvalancheAvalanche(AVAX)$31.426.53%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$30,232.002.88%
  • Lido Staked EtherLido Staked Ether(STETH)$1,989.503.33%
  • tronTRON(TRX)$0.0778154.99%
  • VectoriumVectorium(VECT)$425.81-3.49%
  • Shiba InuShiba Inu(SHIB)$0.0000122.26%
  • daiDai(DAI)$1.00-0.12%
  • Power CashPower Cash(PRCH)$0.017570881.24%
  • AlexAlex(ALEX)$0.068435-0.04%
  • litecoinLitecoin(LTC)$71.682.78%
  • CronosCronos(CRO)$0.1958194.00%
  • LADZLADZ(LADZ)$0.0686894.36%
  • leo-tokenLEO Token(LEO)$5.032.42%
  • matic-networkPolygon(MATIC)$0.674.30%
  • NEAR ProtocolNEAR Protocol(NEAR)$6.223.21%
  • FTX TokenFTX Token(FTT)$30.611.81%
  • HederaHedera(HBAR)$0.389473-3.44%
  • bitcoin-cashBitcoin Cash(BCH)$198.613.60%
  • RareRare(RARE)$0.0461220.00%
  • chainlinkChainlink(LINK)$7.355.14%