El Salvador and its young President Nayib Bukele always remain in the spotlight for his farsightedness about evolving technologies. Since 2021, the nation has been actively exploring the potential of Bitcoin.
According to a recent news update, Nayib Bukele meets the centi billionaire Elon Musk at Tesla to discuss the future of Artificial intelligence, digital currencies, and other evolving technology.
An X post from Nayib’s account on September 21, 2024, notes his visit to the Tesla gigafactory based in Austin, Texas. The detailed video shows Musk welcoming the president of El Salvador and briefing him about the facility.
The Tesla founder praised Nayib by denoting him as “an amazing leader,” adding, “I just had an excellent conversation with President Nayib Bukele. We talked a lot about the nature of reality, the future of humanity, and how technology like AI and robotics will affect the world.”
Nayib gifted homegrown coffee to Musk during his meeting in return the Tesla founder gave him a can of Coca-Cola. As per the available information, El Salvador’s president is currently on tour to the United States to attend the 79th United Nations General Assembly in NY, likely to be held in the last week of the ongoing month.
The True Relationship of El Salvador & Bitcoin
El Salvador is among the foremost nations to legalize the usage of digital assets, however, Bitcoin already holds the status of legal currency in the nation. The process to legalize was finalized in the last quarter of 2021, and soon after the nation got its Bitcoin office.
Earlier this year in May president Bukele met BTC mogul Cathie Wood and Art Laffer to discuss investment opportunities in El Salvador.
Earlier on September 16, 2024, Todayq reported that President Bukele announced that El Salvador will no longer acquire External Debt to finance the next General Budget of the Nation.
Until publishing the total Bitcoin holdings of El Salvador was 5,875 Bitcoins valued for more than $350 million. At the same time Bitcoin was trading at $63,079 with a surge of 5.85% in the past 7 days.
As per market experts, the legalization of Bitcoin in El Salvador has conveyed a positive sentiment over the market, which also backed a surge in adoption in the nation and nearby territories.
Other Market News Updates
Earlier on September 20, 2024, a Federal Judge ordered Koo Ichioka to pay $36 million over cryptocurrency charges and forex fraud.
The order requires Ichioka to pay $31 million in restitution to defrauded victims and a $5 million civil monetary penalty in connection with his fraudulent foreign currency and digital asset fraud scheme, the order further reads.
On Friday, the deputy finance minister of Russia argued that the nation was planning to impose taxes on the energy consumed by cryptocurrency miners. The move seems to be influenced by the surging adoption of and surged tax collection from the digital assets category.
Crypto Market Price Updates
In the past 78 hours a major recovery in the market capitalization has been observed as of writing it was at $2.14 trillion with an addition of 4.50% in the past 7 days.
At the same time, the fear and greed index by CoinMarketCap was 50 denoting a neutrality in the market sentiment. The intraday gainers list is led by Aptos (APT) as it grew 6.70% reaching $7.69 followed by Sei (SEI) trading at $0.3648 with a surge of 3.51%.
