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Crypto at a glance
With Jason Deane
This time next week Bitcoin will officially be legal tender in El Salvador. That’s quite a thought.
It was only 90 days ago that President Nayib Bukele put forward the four-page plain language law which was accepted by an easy majority in parliament. The reasoning was solid, the passion was high and Bitcoiners around the world were elated. On September 7 this tiny country of 6.5 million people will make history.
But with just a few days to go and the reality hitting home, there have been protests from citizens and, predictably, the fiat-entrenched IMF. A survey commissioned by the Center for Citizen Studies (CEC) based in Francisco Gavidia University in San Salvador found that 77% of Salvadorans polled believed adopting Bitcoin as legal tender was “not very wise”. It also concluded that 61% of merchants were not willing to accept payments in Bitcoin.
On the face of it, it’s not looking good, even with the success of the experimental El Zonte region of the country where a micro version of the national rollout was effectively trialled. So what’s going on?
Zooming out a little, there are two key points to notice. First, the “anti-Bitcoin” demonstrations that made so many headlines focussed on turned out to be tiny – maybe a hundred people or so, carefully photographed to look like bigger crowds.
Second, digging beneath the headline, the survey reveals that the most likely explanation for lack of willingness to accept Bitcoin is for the same reason we all have when we first start using it – a lack of understanding and fear of the unknown. We know, of course, both of these can be ultimately resolved.
After all, once you really “get” Bitcoin, you never go back.
There will be many obstacles ahead for El Salvador, but my personal view is that this will ultimately be a triumph for the tiny nation, forging a new path for others to follow. Just last week Cuba announced its intentions to allow Bitcoin as a recognised payment system. Now Tonga, Paraguay, Uruguay and others are all making serious steps towards doing the same. Change is coming, and coming fast.
Bitcoin’s current price may or may not be due to these activities, but the long term outlook, in my opinion, remains extremely bullish.
Have a great weekend!
The Crypto AM London Blockchain & DeFi Summit and Crypto AM Awards 2021
Day One will be held at ETC Fenchurch Street hosting the four Crypto AM City of London Roundtables so that delegates can meet and network with each other and learn from great discussions and talks.
Day Two will be summit day (streamed and live audience) at the Leonardo Royal Hotel, St Paul’s, finishing with the black tie gala dinner in the same venue where the winners of the Crypto AM Awards 2021 will be revealed.
For speaking opportunities, partnership packages or attendance (tickets will be strictly limited and by application) please email: firstname.lastname@example.org using the subject line ‘CRYPTOAM SUMMIT’.
Summit & Awards Announcements
Crypto AM Awards 2021 Judges Announced
Crypto AM is delighted to announce Luno as Gold Partner
Crypto AM is delighted to announce Cudos as Gold Partner
Crypto AM is delighted to announce MELD as Gold Partner
Crypto AM is delighted to announce Umbria Network as Silver Partner
Would you like to help spread the adoption and education of Bitcoin in the UK and even stack some Sats while you’re doing it? Well, now you can!
The Bitcoin Pioneers community, backed by Barry Silbert’s Digital Currency Group, was created to introduce Bitcoin to a mainstream audience in a meaningful way and now has members right across the UK.
We share tips, stories and ideas on how to encourage others to try Bitcoin for the first time. And, thanks to support from Luno, each Pioneer gets £500 of Bitcoin a month to share with beginners, helping them get started.
So, if you’re passionate about Bitcoin, why not join today? Click here to find out more!
All feedback on Crypto AM Daily in association with Luno is welcome via email to James.Bowater@cityam.com 🙏🏻
Yesterday’s Crypto AM Daily in association with Luno
In the markets
The Bitcoin economy
*Definitions and insights can be found at https://bytetree.com/insights/Total crypto market cap
The total capitalisation of the entire cryptocurrency market at time of writing is currently $2,234,509,375,083.
What Bitcoin did yesterday
We closed yesterday, September 2 2021, at a price of $49,327.72 up from $48,847.03 the day before. The daily high yesterday was $50,343.42 and the daily low was $48,652.32.
This time last year, the price of Bitcoin closed the day at $11,414.03. In 2019, it closed at $10,346.76.
Bitcoin market capitalisation
Bitcoin’s market capitalisation at time of writing is $928.88 billion. To put it into context, the market cap of gold is $11.527 trillion and Facebook is $1.058 trillion.
The total spot trading volume reported by all exchanges over the last 24 hours was $39,930,613,447, down from $40,258,920,480 the day before. High volumes can indicate that a significant price movement has stronger support and is more likely to be sustained.
The price volatility of Bitcoin over the last 30 days is 42.07%.
Fear and Greed Index
Market sentiment today is 74.
Bitcoin’s market dominance
Bitcoin’s market dominance today is 41.75, Its lowest ever recorded dominance was 37.09 on January 8 2018.
Relative Strength Index (RSI)
The daily RSI is currently 60.40. Values of 70 or above indicate that an asset is becoming overbought and may be primed for a trend reversal or experience a correction in price – an RSI reading of 30 or below indicates an oversold or undervalued condition.
Convince your Nan: Soundbite of the day
“As New York City Mayor, I will make NYC the most cryptocurrency-friendly city in the nation. Property taxes, fines, and fees will be payable in crypto.”
Republican candidate Curtis Silwa
What they said yesterday
Food for thought…
Saylor has a way with words…
A quick history lesson…
Crypto AM: Editor’s pick
Simon Nixon tells Seek Ventures to ramp up Bitcoin investment
Bitcoin breaks $50,000 as magic monday gives cryptocurrencies a green start to the week
Gibraltar to host first international post pandemic crypto event
CV Labs Partnership launches British crypto firm Evai onto Bittrex global exchange
Crypto AM: Features
Crypto AM: Spotlight
Crypto AM: Founders Series
Crypto AM: Industry Voices
Crypto AM: Contributors
Crypto AM: In Conversation with James Bowater
Crypto AM: Tomorrow’s Money with Gavin S Brown
Crypto AM: Mixing in the Metaverse with Dr Chris Kacher
Crypto AM: Visions of the Future, Past & Present with Alex Lightman
Crypto AM: Tiptoe through the Crypto with Monty Munford
Crypto AM: Taking a Byte out of Digital Assets with Jonny Fry
Crypto AM: Parliamentary Special
Part one of two – April 2021
Part two of two – April 2021
Five-part series – March 2021
Crypto AM: Events
For those of you who missed the Crypto AM DeFi & Digital Inclusion online summit 2021 – you can now watch the event in two parts via YouTube:
It’s definitely tempting to get swept up in the excitement, but please heed these words of caution: Do your own research, only invest what you can afford, and make good decisions. The indicators contained in this article will hopefully help in this. Remember though, the content of this article is for information purposes only and is not investment advice or any form of recommendation or invitation. City AM, Crypto AM and Luno always advise you to obtain your own independent financial advice before investing or trading in cryptocurrency.
All information is correct as of 08:00 BST