In El Salvador, crypto investors cheer Trump-powered Bitcoin rally
By Nelson Renteria
NUEVO CUSCATLAN, El Salvador, Nov 15 (Reuters) -Bitcoin enthusiasts meeting in El Salvador on Friday said a recent surge in the cryptocurrency's value since Donald Trump's U.S. election win has heightened their expectations the price will rise further and it will be adopted more broadly globally.
Dozens of domestic and foreign 'bitcoiners' met at the Adopting Bitcoin conference just outside the Salvadoran capital, with the Central American country hyping its status as a hub for the promotion of digital currency trading.
Three years ago, President Nayib Bukele made El Salvador the first country in the world to establish Bitcoin as legal tender, alongside the U.S. dollar. The decision drew criticism from the International Monetary Fund, with whom the country is negotiating a $1.3 billion loan.
Bitcoin, which was trading above $90,000 on Friday, rallied to an all-time high after Trump secured his new term in office, set to begin in January. Investors see the incoming president as a cryptocurrency champion who will slash regulations.
"Trump understands what it's like to be a capitalist, he's going to get out of the way and remove regulations that are not necessary," said Charlie Stevens, a 27-year-old Irishman who has lived in El Salvador for a year and a half.
"Bitcoin is growing very, very fast, in front of the eyes of the whole world. And the whole world has its eyes on El Salvador," he added.
Bukele's office did not immediately respond to a request for comment.
The world's biggest cryptocurrency has had a heady if volatile rise, trading at around $8,000 five years ago, and starting this year at around $42,000.
In January, Vice President Felix Ulloa told Reuters that El Salvador would remain committed to the digital currency, despite scarce use of Bitcoin among Salvadorans and some technical issues.
Reporting by Nelson Renteria; Editing by David Alire Garcia and Rosalba O'Brien
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
