• El Salvador and Texas have announced a new partnership to open what they’re calling a “bitcoin embassy” to promote the use and adoption of Bitcoin.
• El Salvador shocked the world in 2021 when it made BTC legal tender, allowing people to purchase goods and services with it.
• The state of Texas and El Salvador conducted $1.2 trillion worth of commercial transactions last year, indicating a strong bond between the two entities.
El Salvador & Texas Partner To Create Bitcoin Embassy
El Salvador Makes BTC Legal Tender
In late 2021, El Salvador made headlines worldwide when it became the first country in history to make Bitcoin (BTC) legal tender. This meant that people would be able to pay for goods and services with cryptocurrency in the same way as they would with fiat currency (USD). Despite this groundbreaking move, some entities like The World Bank voiced their skepticism over the decision claiming that BTC was too volatile to be taken seriously as a form of payment. Additionally, many residents took to the streets of El Salvador’s capital city to protest against President Nayib Bukele’s decision.
Texas & El Salvador Conduct $1.2 Trillion Worth Of Transactions
Despite all this, those in charge refused to back down from their stance on Bitcoin and continued their journey towards increasing its adoption rate within their nation. It has now been close to two years since BTC became usable as an official form of payment there and despite some hiccups along the way, things appear stable so far. This newfound partnership between Texas and El Salva looks set only further boost its agenda by giving more attention and causing price hikes which will likely benefit them greatly moving forward. Milena Mayorga – El Salva’s ambassador tweeted out: „The state of Texas, our new ally.“
$1.2 Trillion Worth Of Transactions Last Year
It seems clear that this partnership makes sense given both regions conducted over $1.2 trillion worth of commerce last year alone according to reports – illustrating just how deep the bond runs between them both which is likely only going deeper through mutual love for Bitcoin/crypto currency in general from both sides involved here..
Bitcoin Embassy Opens In Summer 2023?
At present time no official date has been set for when exactly this bitcoin embassy will open but sources have suggested that it could happen during summer 2023 if everything goes according plan without any unexpected hurdles being thrown into play by either side involved here or anyone else outside looking in at this agreement..
This is yet another example of how countries are recognizing cryptocurrency as a legitimate asset class that can be used for financial transactions without having any fears about volatility or legitimacy issues surrounding it anymore than traditional forms such currency like USD does today already existent around planet earth presently.. With such high-profile partnerships forming between once unlikely allies like Mexico & USA recently also seen occurring lately too then there’s definitely something positive happening here whether we’re ready or not ready accept these changes yet still remains unclear at present times..
• Christopher Waller, Federal Reserve board governor, has expressed his distaste for cryptocurrencies in a recent interview and believes they have no real value.
• He is concerned about banks engaging in activities that present heightened risk of fraud and scams.
• Warren Buffett and Charlie Munger have also made it clear they don’t think much of bitcoin or its digital counterparts.
Christopher Waller’s Opinions on Crypto
Christopher Waller is the Federal Reserve board governor who recently spoke out against the digital currency space during an interview. He compared cryptocurrencies to baseball cards, claiming that their only value comes from the belief of others. He warned investors not to be surprised if prices drop to zero at some point, and said he supports „prudent innovation“ in the financial system but urged caution when dealing with crypto assets due to their lack of regulation.
Waller’s Concerns About Banks
Waller is particularly worried about banks engaging in activities that present a heightened risk of fraud and scams as well as legal uncertainties, inaccurate disclosures, and other risks associated with digital currencies due to their limited connection with the banking system. To protect customers from these risks, he suggested crypto exchanges take necessary steps such as KYC protocols to ensure the identities of their customers are legitimate.
Buffett & Munger’s Disdain
Warren Buffett and Charlie Munger – Berkshire Hathaway executives – have also shared their disdain for bitcoin or its digital counterparts over the years. In fact, Buffett had gone so far as calling it ‘rat poison squared’ in the past.
Volatility & Price Crashes
The volatility and price crashes traders have witnessed over the last year has earned crypto its fair share of haters as well which further adds fuel to people like Waller’s fire against cryptocurrency investments. Investment advice should always be taken seriously regardless of whether one agrees with it or not before any type of investment is made into any asset class including cryptocurrency investments.
Cryptocurrencies are highly speculative assets which come with a high level of risk being unregulated by traditional financial institutions therefore require extra caution when investing into them given how volatile they can be at times even after taking certain precautions such as KYC protocols prior to investing
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AI-Quantitative Trading Platform – ATPBOT Crypto Trading Bot
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• Kraken is closing its UAE offices, suspending all support for customers in the region.
• The crypto crash of 2022 has had a major impact on many digital currency companies, including Gemini and Coinbase.
• Many businesses in the UAE invested in FTX which has since collapsed and its founder is awaiting trial.
Kraken Closes UAE Offices
Kraken, a major digital currency exchange, has recently announced that it will be closing its offices located in Abu Dhabi (located in the United Arab Emirates or UAE). All support for both retail and institutional customers in the area will also be suspended.
The Impact of Crypto Crash
The crypto crash of 2022 had a devastating effect on many cryptocurrency companies around the world. Two of the biggest examples include Gemini and Coinbase who have both been forced to undergo multiple rounds of layoffs.
Investment In FTX
Many businesses that now call the UAE home invested heavily in FTX – once one of the largest digital currency trading companies globally. However, after an alleged misuse of customer funds by its founder Sam Bankman-Fried, FTX has since collapsed and Bankman-Fried is currently awaiting trial at his parents‘ California home.
UAE Attraction Of Crypto Businesses
Prior to this incident, the UAE had been on a mission to attract new cryptocurrency businesses from all over the world – with some success as Kraken was one of the first major institutions to arrive there last year. Unfortunately, no one could have predicted how severe this crash would be or how much damage it would cause across virtually every single sector within cryptocurrency.
Continued Review Of Resources Globally
A spokesperson for Kraken released a statement saying that they are regularly reviewing their business lines to ensure resources are being employed globally to best achieve their mission: accelerating adoption of cryptocurrency worldwide.