Bitcoin’s price dove as much as 17 per cent on what cryptocurrency advocates have been calling B-Day, or Bitcoin Day. The Central American nation bought 400 bitcoins worth about US$20.9 million, but the launch had a rocky start when the government took its Chivo wallet app (with US$30 worth of the currency) offline after tens of thousands of people tried to download it and ran into technical glitches. (The Wall Street Journal, CNBC)
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Bitcoin’s price dove as much as 17 per cent on what cryptocurrency advocates have been calling B-Day, or Bitcoin Day. The Central American nation bought 400 bitcoins worth about US$20.9 million, but the launch had a rocky start when the government took its Chivo wallet app (with US$30 worth of the currency) offline after tens of thousands of people tried to download it and ran into technical glitches. (The Wall Street Journal, CNBC)
Talking point: Forty-year-old El Salvador President Nayib Bukele hopes the country’s use of Bitcoin will democratize financial services for the country’s 6.5 million people. Yet a Central American University survey suggests the majority of Salvadorians are against the move, while some experts say Bitcoin’s historic volatility makes it unsuitable as a national currency. Victoria-based Blockstream was one of two companies tapped to advise the country on the transition. – Martin
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