Bitcoin Investment: El Salvador Remains Steadfast In Its Defense Of Its BTC Move
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However, many analysts and organizations, such as the IMF, do not share this sentiment, especially as Bitcoin battles with a bear cycle. Despite the criticisms, an unperturbed Zelaya asserted that while Bitcoins usage as a currency was not at expected levels, he remained a firm believer in digital money, explaining:
“For some, it’s something new and something they don’t entirely understand, but it’s a phenomenon that exists and is gaining ground and will continue to be around in the coming years.”
The Minister further noted that plans to issue Bitcoin-backed bonds remained active and additional incentives will be announced in the future. Zelaya stressed it wouldn’t be an easy task noting: “We aren’t going to have results overnight. We can’t go to bed poor and wake up millionaires.” He added:
“New technologies have shown how people in previous years were afraid of things like websites and digital business, but it’s been shown through time that reality imposes itself.”
El Salvador currently holds 2,381 Bitcoins worth $56.9 million using current exchange rates.
Key Bitcoin Levels to Watch — July 31
Bitcoin held its head above the mid-$23K zone over the weekend as the benchmark cryptocurrency closes its first bullish monthly candle since March 2022.
With the prevailing market sentiment, we should see a bullish continuation in the coming week. That said, BTC has tracked the upper-Bollinger band on the daily chart for the last few days, signaling that the indicator has a notable influence on price action. At press time, the upper band currently sits around $25K, suggesting BTC could reclaim this price tag in the coming days.
Meanwhile, my resistance levels are at $24,000, $25,000, and $26,000, and my key support levels are at $23,000, $22,000, and $21,000.
Total Market Capitalization: $1.11 trillion
Bitcoin Market Capitalization: $456.8 billion
Bitcoin Dominance: 41.2%
Market Rank: #1
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