Updated 18 Nov, 2021

El Salvador Praises Bitcoin as It Hosts the Lightning Summit

El Salvador Outline with Bitcoin looming behind it on a purple background -El Salvador Praises Bitcoin as It Hosts the Lightning Summit


Key Takeaways:

  • El Salvador praises the decision to make bitcoin legal payment as it hosts a Bitcoin conference
  • “We are very proud to have adopted bitcoin,” says Minister of Economy at the Lightning Summit

El Salvador Hosts the Lightning Summit

Bitcoin continues to grow in popularity as traders, institutions and whole countries spread crypto awareness. In signs of increasing adoption, El Salvador hosts a two-day Lightning Summit Adopting Bitcoin conference.

In more detail, El Salvador is now hosting a wide range of Bitcoin-centered discussions and events. As a result, over 700 people from over 30 countries are attending. Among them, business owners and entrepreneurs, blockchain developers and, of course, traders and investors.

Furthermore, the focus of the Adopting Bitcoin conference is on making the cryptocurrency a global force for change. In other words, some of the brightest talents in the crypto community are united to contribute to bitcoin’s growth and acceptance.

“With Bitcoin, we are all equal,” El Salvador’s Minister of Tourism, Morena Ileana Valdez Vigil, said during the conference.

Other notable speakers from El Salvador’s government included the Minister of Economy, María Luisa Hayem. In her address, Ms. Hayem praised the decision to make bitcoin legal tender in the country.

“We Are Very proud To Have Adopted Bitcoin”

“Our government is committed to innovating. We are very proud to have adopted bitcoin,” she noted at the conference. “For many years El Salvador was last on the list for annual GDP (Gross Domestic Product) growth in Central America. Now, we are about to end the year at the top with 9% growth this year.”

Against this backdrop, the regulatory climate for cryptocurrencies remains bright. More specifically, as the digital asset space continues to grow, countries around the world try to find ways to adjust.

The US, for example, is now busy hammering out a framework that is expected to introduce crypto-friendly regulations.

Outlook for Crypto Stays Positive

About 400 million people around the world are estimated to be using cryptocurrency. In other words, they are part of the crypto market which commands a valuation of $2.6 trillion. In contrast, the US stock market is worth over $51 trillion, while the gold market is estimated at $12 trillion.

This said, many consider the current time an opportunity for everyone to get into the market at an early stage. If you think this is the right time for you to buy crypto, be sure to check our crypto investment guide.

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