Electronic currency volatility in the recent El Salvador case
The bitcoin currency has been experiencing its peak moments for a long time. Many consider bitcoin to be an easy way to earn money, and others consider it to be the “currency of the future”. Unfortunately, this view may be in future verified, as can be seen on the example of the Republic of El Salvador.
On September 7, 2021, El Salvador officially adopted bitcoin as an official and legal tender, making the cryptocurrency an accepted means of exchange for goods and services. The euphoria and optimism related to the changes did not last long, because on the same day, there was a huge drop in the value of bitcoin. Within moments on Tuesday, September 7, bitcoin’s value plunged 17% and ended its decline on Wednesday by around 10%. Other digital assets also fell. According to Kraken (the cryptocurrency exchange in general), Cardano’s token (ADA) and the second largest cryptocurrency, Ether, fell 18% and around 13% respectively. (As of September 8 at 5:00 p.m.).
