The first nation to embrace bitcoin as authorized cash in the year 2021 is El Salvador. There is no evidence in recent years that suggest that the country El Salvador will renounce crypto accord. The country will be hosting the conference “adopting Bitcoin” which will aim to encourage the adoption of
Bitcoin.
The conference “Adopting Bitcoin” will include an examination of technology and financial inclusion will be done. Approximately 110 speakers will be joining from 30 countries, one of the notable personalities is Senator India Kempis of Mexico.
In the 3rd week of November from 15th to 17th, the Bitcoin Beach conference will take place in San Salvador and the surrounding area. There is no event like the Bitcoin Conference that brings together the entire Bitcoin ecosystem for the purposes of collaboration, networking, and education.
E1 Salvador hosting a crypto-adopting conference
Bitcoin Beach Wallet, a bitcoin wallet developed and operated by Galoy Inc., is being rolled out in El Salvador through the platform that powers Bitcoin Beach Wallet. The bitcoin exchange Bitfinex will also be the primary sponsor of the event, which is taking place in November. In order to develop a financial technology platform for the issuance and trading of Volcano Tokens, Bitfinex is collaborating with the government of El Salvador to create a platform that will be used by both parties throughout the process.
It was impossible to have anticipated in 2021 that a sovereign government would be using Bitcoin as their official legal tender. A significant shift was observed in the public's perception of the nation as well as its currency as a result of the action. Currently, El Salvador is making progress on its way to becoming one of the first financial inclusion models in Central America and becoming the Singapore of Central America.
Nonetheless, Bitcoin has proven to be a very convenient exchange medium that can support millions of transactions each day, proving to be a very successful exchange medium. This conference will take place at the Crowne Plaza convention center in Orlando, Florida over the first two days. During the presentation, speakers will discuss the most recent advancements in the Bitcoin ecosystem from a technological and economic perspective.
Among the most significant presentations of the conference will be that of the Bitcoin Core engineer Jon Atak. Atak recently won a $50,000 grant from the Human Rights Foundation, and his presentation will be an important contribution to the technology field.
Another significant speaker at the economic conference will be Senator Indira Kempis of Mexico who is scheduled to deliver the keynote address. Kempis is known in the past for her advocacy for central bank digital currencies (CBDCs), which have been in the news for quite some time. Her effort to legalize bitcoin in Mexico, which made headlines globally, was another remarkable achievement.
The Crypto Environment After Conference
The cryptocurrency market is presently undergoing a turbulent phase. As far as market conditions are concerned, the current market environment is by far the most severe crypto winter in history. As risk assets declined overnight, bitcoin (BTC) reached new weekly lows on September 28 as the price declined throughout the entire week.
There is a strong correlation between the value of digital currencies and the stock market in the U.S., which has prompted investors to pay close attention to monetary policy for this year. There has been a surge in interest rates along with pressure applied to the S&P 500 and the tech-heavy Nasdaq, which has influenced other risky assets, such as cryptocurrencies, as well as others in general.
As a result of this year's interest rate hikes, the United States Federal Reserve has not made any commitments to stop them yet, although this year's rate hikes have exerted pressure on risk assets such as cryptocurrency in general.
At the same time, investors are closely watching the U.S. dollar in order to determine how it will perform. It has been estimated that the dollar index, which measures how the greenback is performing against a basket of currencies, has increased by more than 18% so far this year.