Months after Bitcoin (BTC) became legal tender in El Salvador, a study conducted by the National Bureau of Economic Research (NBER) shows that 20% of businesses have started to accept BTC as a payment method.
The study, surveying adults from 1,800 households in El Salvador, aimed to measure the adoption of BTC in the country after the Bitcoin Law was passed. The researchers found that BTC is gaining ground compared to other payment methods.
According to the report, users who have downloaded the government-backed Chivo Wallet have “decreased their use of cash by 10%, while their net use of debit cards has been reduced by 11%.”
Apart from this, as the Bitcoin Law in El Salvador requires economic agents to accept BTC, the study also questioned survey participants who identified as owners of firms and employees familiar with company payment methods.
Within this demographic, 20% stated that their company or place of work accepts BTC, while only 25% accept credit and debit cards. Additionally, the study noted that “11.4% of firms have positive sales in Bitcoin.”
The researchers also found that 71% of BTC sales are mostly converted into dollars and then withdrawn. Furthermore, 17% of the sales are converted into dollars and kept within the Chivo Wallet. Meanwhile, 12% have kept their BTC within the Chivo application.
Related: From beer to Bitcoin as legal tender: A BTC education in Roatán
After the Bitcoin Law was enacted, an Italian couple tried to go around El Salvador for 45 days while using only BTC as their means of payment. The couple found that many places such as McDonald’s and Starbucks already accept Bitcoin. However, they also faced vendors that were not familiar with the cryptocurrency.
Meanwhile, the Central African Republic has recently adopted BTC as a legal tender. With this, the nation’s residents are legally allowed to use BTC in the same way along with the country’s franc. Apart from this, the African country also established a regulatory framework for crypto use.
Bitcoin's recent surge to $50,000, driven by renewed investor interest and anticipation of the halving event, highlights its resilience and potential for further gains. Investors navigating the volatile crypto landscape should balance optimism surrounding the halving with caution, as reaching new highs remains uncertain amidst market realities.
WeiliangAhead of Bitcoin's upcoming halving, Litecoin's trading volume decreases, raising concerns among investors about its future performance amidst uncertainties. Meanwhile, KangaMoon disrupts the meme coin space with its innovative play-to-earn model, bridging gaming and social-fi elements, presenting a lucrative investment opportunity with its Stage 1 presale price and promising growth potential upon exchange listing in Q2 2024.
AlexDN404, a new NFT standard, challenges ERC-404 with its innovative approach, offering fractional ownership and potential market liquidity improvements. Amidst Ethereum gas fee surges and the rise of ERC-404 exemplified by Pandora's exponential growth, stakeholders must carefully assess the evolving landscape of NFT standards.
MiyukiThe cyber attack on PlayDapp resulted in the theft of $290 million worth of PLA tokens, highlighting vulnerabilities in decentralized gaming platforms. PlayDapp is actively collaborating with authorities to track the stolen tokens and implement measures to prevent further exploitation, while stakeholders grapple with the impact on user confidence and token value.
WeiliangWeb3Auth has integrated Farcaster into its SDKs, enabling users to authenticate via QR code scanning and granting self-custodial wallets for secure transactions. This integration prioritises user control over digital identities and lays the groundwork for future data read and write capabilities within the Farcaster protocol.
JoySingapore's blockchain sector seeks support from Budget 2024 for talent development and regulatory clarity. Stakeholders advocate for incentives to upskill developers and bolster sustainability initiatives while enhancing regulatory resourcing for digital asset businesses.
JoySphereOne and Rarible collaborate to streamline Web3 gaming and crypto payments, aiming to simplify deployment across multiple blockchains. Their partnership addresses conversion pipeline challenges and enhances accessibility for players.
MiyukiBitcoin surged to $52,079.00, hitting a two-year high driven by the success of U.S. spot bitcoin ETFs. Investor sentiment turned positive as the market cap crossed $1 trillion, with experts anticipating continued growth amidst increased demand and upcoming halving events.
JoyAllegations of cryptocurrency fraud involve South Korean celebrities and influencers linked to Winnerz, accused of running a coin scam. The controversy underscores the risks in crypto investments and emphasizes the importance of diligence and regulatory oversight.
JoyTwo Ethereum traders have made significant gains using the looping strategy, accumulating nearly $120 million amidst rising crypto prices. This tactic involves leveraging lending protocols to increase exposure to Ether, with the traders opting for a conservative approach to mitigate risks.
Miyuki