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As cryptocurrencies gain importance, countries seem to be taking significant steps to establish their positions on the matter. In recent weeks, Germany sold its BTC holdings, while the USA chose to move the BTC obtained from the Silk Road incidents. However, presidential candidate Donald Trump promised to halt BTC sales and instead hold and potentially make new purchases if re-elected. Another country that has rapidly adopted BTC is El Salvador, which continues to take significant steps according to emerging information.
Proposal from El Salvador
El Salvador’s President Nayib Bukele quickly adopted Bitcoin for his country’s future and made large BTC purchases in the past.
Although the BTC adoption, which he believed to be one of the cornerstones of the country’s future, faced significant criticism in the past, it now seems to have been a sound decision. As of today, the country holds 5.828 BTC, valued at approximately 387 million dollars.
Amidst all this, a statement was also made about Russia, which has been frequently mentioned in the Bitcoin space recently. El Salvador proposed using cryptocurrency for trade agreements with Russia.
This statement could be significant for the commercial future of countries. Considering the prevalence of dollar-indexed trade in the global economy, such a step regarding BTC could force countries to make purchases, creating significant pressure on supply.
This supply pressure could trigger a significant increase in BTC prices in the future.
What is the Current Bitcoin Price?
While all this is happening, the BTC price also drew attention. As of the time of writing, the BTC price was trading at 66,400 dollars, resulting from a 0.78% increase.
After the price increase, BTC’s market cap once again exceeded 1.3 trillion dollars, while trading volume dropped by 24% to 27 billion dollars. The drop in trading volume could be interpreted as a sign of the market’s stagnation due to expectations surrounding the FOMC meeting.
