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PLANNED PRICE REDUCTION
However, others said the price change was to be expected.
“When this move was first announced, it didn’t have as big an impact on prices as some might have expected, perhaps because El Salvador’s population is smaller than that of New York, but also because the announcement was poorly detailed and people didn’t know how it was going to be implemented, ”Leah Wald, CEO of Valkryie Investments, told CNBC.
“Transaction fees, processing times and other hurdles also make it look more like a beta test than a solution to many of the problems plaguing the country’s poor,” she added, noting that most Salvadorians live in poverty without internet access or smartphones. .
“What is most worth asking is whether neighboring countries in Latin America, or those for elsewhere in the world, are also starting to adopt bitcoin as their national currency,” Wald added.
“If that happens, that’s when we might see higher parabolic movement, as the momentum gained by several million more people with instant access to crypto is expected to lead to more adoption, more of HODLing and higher prices. “
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