The Bitcoin ‘gold rush’ among nations has begun with El Salvador starting it all as the country’s president announced he would be proposing new regulations to induct Bitcoin as a legal tender and soon after Paraguay politician hinted a similar stance on the top cryptocurrency. The latest country to join the growing league of nations announcing new legislation around Bitcoin is Mexico.
Eduardo Murat Hinojosa, a member of the Mexican legislative today announced that he would be proposing a legal framework in the lower house.
Voy a promover y proponer ante la Cámara de Diputados un marco legal para las criptomonedas en México #btc
I will be promoting and proposing a legal framework for crypto coins in Mexico’s lower house #btc pic.twitter.com/zwhYOZ7KAg
— Eduardo Murat Hinojosa (@eduardomurat) June 8, 2021
This bull season Bitcoin has catapulted to mainstream attention and adoption by institutions, Wall Street hedge funds, and Fortune 500 companies. Now El Salvador has triggered a Bitcoin adoption craze among many South American nations.
The one common thing among these politicians from different Central and South American nations is the ‘Lazer eyes’. Lazer eyes became a popular bitcoin meme earlier this year as the majority of the Bitcoin proponents changed their profile picture to include red laser eyes. As of now, El Salvador is joined by Argentina, Paraguay, and now Mexico.
Bitcoin Price Takes a Slide Over Security FUD
Bitcoin price today reached a new weekly low of $32,200 that was believed to be triggered by the news of the FBI allegedly getting access to Private keys of the Colonial Pipeline ransomware hackers. However, the reports indicate that the Federal agency only managed to get access to a custodial wallet through a court order. The mainstream media somehow connected it to the Bitcoin network’s security leading to the possible FUD.
The on-chain fundamentals are still quite strong with miners continue to hoard more Bitcoin along with the highest exchange outflow registered yesterday with $22.5K BTC leaving the active market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.