Financial services giant Fidelity stated in its new report that countries that adopt the leading cryptocurrency Bitcoin in the early period will have a more advantageous position compared to their peers. Drawing attention to the increase in general adoption in the report, Fidelity wrote that contrary to current opposing views, countries will have to keep Bitcoin in their reserves as a store of value in the future.
Fidelity also shared some predictions for 2022. Expressing its predictions that more countries will add Bitcoin to their reserves this year, Fidelity added that the regulations that will define crypto assets in the legal framework will play a critical role.
While not the only country with Bitcoin in its reserves, El Salvador became the first country to adopt Bitcoin as its official currency in September of 2021. The Central American country gradually added various amounts of Bitcoin to its reserves in the process. In this context, many global financial institutions, especially the IMF (International Monetary Fund), made serious criticisms of El Salvador. Moreover, it not only received criticism from financial institutions, but also received negative reactions from Vitalik Buterin, the founder of Ethereum, one of the leading names in the crypto ecosystem.
Especially here, the IMF made serious warnings to the Central American Country. Drawing attention to the risk of financial instability, the IMF also mentioned the technical deficiencies in the Chivo wallet in its reports, and wrote that citizens may experience great grievances.
El Salvador begins construction of popular Bitcoin beach
The El Zonte surf spot in El Salvador, where the Bitcoin (BTC) dream was born, will now be the first wave park in all of Central America. The country will soon begin construction of the park popularly known as "Bitcoin Beach" to attract more surfers to its waters.
The Bitcoin Beach project started three years ago after an anonymous donation of the cryptocurrency to the coastal town of El Zonte. After that, businesses and tourists in the region started using Bitcoin more and more for transactions at beach huts or for other local expenses. Employees in the town receive their salaries in cryptocurrency. Bitcoin Beach thus began as a tribute to the town's acceptance of currency as a means of payment. All this happened independently of government intervention. Despite its remoteness, Bitcoin Beach has quickly garnered attention and has effectively contributed to a nationwide dynamic. In September 2021, under the leadership of President Nayib Bukele, El Salvador accepted BTC as a legal tender. Bitcoin Beach is advertised as: "The little community that helped turn the world's monetary system upside down."