Author: dfmines

A rapidly expanding ecosystem, lucrative staking opportunities and support for NFTs back the strong rebound in ZIL price.

The Legislative Assembly of El Salvador has issued legislation on the approval of a $150 million Bitcoin Trust. In addition, they passed legislation supporting crypto services and infrastructure development across the entire country. They passed the bill on August 31, and 64 officials voted in support, while 14 opposed the creation of the Bitcoin Trust. The Trust aims to enhance BTC to U.S. Dollars conversion and support the essential technological infrastructure. This will enable the widespread adoption of digital assets. Related Reading | Former DigitalX Executive Appointed As The New Binance Australia CEO The government of El Salvador has mapped out $23.3 million for establishing crypto ATMs. They have also set aside $30 million for incentivizing the use of Chivo, the state-backed wallet. Bitcoin To Be Used As Legal Tender The news came just a week preceding the set implementation time for the controversial Bitcoin law of the country. The legislation will recognize BTC as legal tender across the Country by Sept. 7. The country currently uses U.S. dollars as legal tender. Bandesal, the Development Bank of  El Salvador’s was appointed to manage the Bitcoin Trust operation. El Salvador plans to redirect the $150 million from their $500 million loans with (CABEI)Central American Bank for Economic Integration. They took the CABEI loan for economic recovery for medium and small-scale businesses. In addition, the government will channel $23.3 million of the funds to support the establishment of government-approved crypto ATMs. This will allow the residents to exchange Bitcoin for USD and verse versa. Moreso, $30 million was also mapped out for incentivizing the citizens to continue adopting Chivo, the Government’s digital wallet. Statement From The President President Nayib Bukele announced that the government would airdrop $30  Bitcoin to all Salvadoran adults who download Chivo wallet. He added that the country’s population is 6.5 million, which is high enough. This suggests two things; the first is that the government thinks Bitcoin adoption will be less. The second option is that they are yet to allocate enough Bitcoin that will go round. Related Reading | Cream Finance Plans To Repay The Stolen Funds To Its Users Today in related news, Koibanx announced that it signed an agreement with the El Salvador government on cryptocurrency infrastructure. The deal is to develop the county’s infrastructure on digital currency with Algorand’s open-source blockchain. Many citizens of El Salvador, including people from international organizations, have been skeptical about El Salvador’s Bitcoin Law. The law has also witnessed some critics too. BTC is on the verge of breaking the $50K barrier | Source: BTCUSD on TradingView.com Maria Luisa Hayém Brevé, the country’s Minister of Economy, has stated that the government focuses on crypto education. She added that they use crypto incentives to complement the high rate of uncertainty among their population. Featured image from Pixabay, chart from TradingView.com

Bitcoin has been subject to a number of predictions as it nears the fourth quarter of the year. The price of the digital asset is still up at this point, and investors are expecting the run to continue. While it is still not sure when the coin might break its previous all-time high again, experts are expecting the digital asset to 2X or more from this point. Among the analysts that believe bitcoin is destined for $100,000 by end of the year is market analyst Kevin Wadsworth. Related Reading | Ex-Goldman Exec And Real Vision Founder Puts Ethereum Value At $20,000 By March 2022 Wadsworth is the co-founder of Northstar & Badcharts, a company that provides technical analysis to its customers. The co-founder was on Kitco News to talk about cryptocurrencies with news anchor David Lin. Here, Wadsworth gave predictions for what he saw for both the short term and long term for bitcoin. A Dip Before The Climb Analyst Kevin Wadsworth explained that while the bull market is not over, it is going to run out before the end of the year. Wadsworth’s prediction was that bitcoin would most likely fall before continuing the bull run. Putting the floor of this dip at $40,000 before beginning another run. But this time, the run would lead to new all-time high records for the digital asset. “I think the crypto bull market will conclude before the end of the year. All the crypto charts I’ve been drawing and looking at vary a little bit in timing between the third week of September and some of them perhaps into mid-October or even late October. So there’s this sort of four-week window there between late September and late October where I’d be looking for the crypto bull market to reach its peak.” BTC price still trading less than $50,000 | Source: BTCUSD on TradingView.com Wadsworth puts the price of bitcoin at $100,000 by the time it reaches its peak. Adding that going up above $100,000 would be a bonus generally for the market. In addition to BTC hitting this price, he predicted that the rest of the altcoin market is most likely to follow with significant gains. Bullish On Bitcoin Long Term Kevin Wadsworth made an interesting revelation with regards to bitcoin in five years. Wadsworth explained that his company’s analysis of the digital assets leads them to believe that the price of BTC is set to surge to $1 million in the next fours years. He puts the year for achieving this price at 202 for bitcoin. While adding that his company’s analysis possesses a success rate of 90%-95% with such predictions. Related Reading | Billionaire Who Predicted 2008 Housing Crash Says Bitcoin Is “Worthless” Wadsworth added that while he was bullish, he was also cautious. Referring to his stand as “cautiously bullish.” And with bitcoin’s movement, the co-founder expects altcoins to also surge. “If we get to $100K, I expect the altcoins, Ethereum and the rest, to triple and quadruple,” said Wadsworth. Featured image from Financial Times, chart from TradingView.com

The Erik Voorhees-led company is making strides to fully decentralize its corporate structure. In July, ShapeShift announced the largest airdrop in history as part of its decentralization pledge.

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I was trying to move to MATIC and I had about $100 dollars in ETH in my MM wallet to move about 400 MATIC. I was going to move it to Polygon network. It asked for the first fee, which was about 23 dollars. Approved. Then it pops up a Complete Deposit fee of over…
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Over the last few weeks, Americans have read about the U.S. Internal Revenue Service (IRS) upping its tax enforcement to catch cryptocurrency users who have not paid taxes. According to one report, the IRS may get access to bank inflows and outflows via Joe Biden’s American Families Plan. On top of this, another story explains […]