El Salvador adoption could be ‘huge’ for cryptocurrency

Bitcoins bull case was seen in Miami this weekend.

A conference with 12,000 people who acted as largest Bitcoin themed event in history highlighted the excitement and enthusiasm swirling around cryptocurrency, Osprey Funds founder and CEO Greg King told CNBC “ETF edge” On Monday.

King, whose company the Osprey Bitcoin Trust (OBTC) said that despite verbal attacks on the Federal Reserve and Elon Musk, the mood at the conference was mostly positive.

“It feels a lot like 2017 but with a broader base,” said King. “It takes the movement to where it has been for the past 12 years.”

King said the mentions of the recent digital currency sell-offs have been “muted”. Instead, Bitcoin fans focused on longer-term developments, including President of El Salvador He said he would seriously consider making Bitcoin legal tender – “a huge, huge indicator of acceptance,” King said.

El Salvador has been using the US dollar as legal tender since 2001.

While El Salvador’s move would be a first, it is unlikely to stop just yet, Grayscale Investments CEO Michael Sonnenshein said in the same “ETF Edge” interview.

“When we think of nation states and central banks researching digital currencies, we are not surprised to see places that have historically relied on the dollar or people who have experienced hyperinflation exploring the potential benefits of digital currencies “said Sonnenshein.

“We wouldn’t be surprised if states and central banks consider adding Bitcoin and other cryptocurrencies to their balance sheets.”

Grayscale operates the largest publicly traded Bitcoin fund in the world, the Grayscale Bitcoin Trust (CONDITIONS).

Bitcoin fell 10% in Tuesday trading to just over $ 32,828 US authorities confiscated part of a ransom paid in cryptocurrency to the hackers responsible for disrupting the Colonial Pipeline.

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