El Salvador, through its president, is known to be an advocate of Bitcoin. In September of last year, the small Central American nation became the first country to allow consumers to use the cryptocurrency in all transactions, alongside the US dollar. This was received with a lot of reaction from the local and international cryptocurrency communities, both positive and negative reactions, which led to large-scale protests over fears that Bitcoin’s volatility and lack of effective regulation will bring instability and inflation to the country. This was met with a lot of reactions from the local and international cryptocurrency communities, both positive and negative reactions, which led to large-scale protests over fears that Bitcoin’s volatility and lack of effective regulation will bring instability and inflation to the country. Shortly after, El Salvador allocated a total of $203 million in public funds to support its bitcoin plan. Additionally, the government has made it a priority to purchase the cryptocurrency whenever there is a decline in its price on the market, with the immediate purchase of its first 400 units of bitcoins, followed by another 150, for a total value of $26 million. Two months later, the President of El Salvador made public the plans for constructing a Bitcoin city at the base of a volcano in the country, with the cryptocurrency serving as the primary source of funding for the endeavor. Clash with the ...
