With 4th of July celebrations and the news dominated by cryptocurrency prices rising across the board, there may have some major news that you might have missed. Here’s our roundup of some important news items that happened this week so you don’t miss out.
Salvadoran President Nayib Bukele Buys Another 80 BTC For $1.5 Million
Salvadoran President Nayib Bukele’s Bitcoin enthusiasm continues. This week he bought 80 Bitcoin for $19,000 each, announcing the move in a July 1 tweet.
Last year, El Salvador announced that BTC would become legal tender. The president’s latest move is an attempt to cement Bitcoin as the nation’s preferred currency. Bukele hopes that it will help him secure more control over a country wracked by gang violence.
Legal issues remain, though. Local news outlet, El Diario reported on an attorney claiming that BTC usage may be unconstitutional. Bukele’s actions may violate state fund embezzlement laws,
85% Of Merchants See Crypto As A Path To Growth
During a cost-of-living crisis, gaining new customers is hard. However, a survey by Bitpay indicates that allowing crypto payments may be a way forward. More than 85 percent of merchants believed that doing so would help them make more sales in the future.
Merchants see cryptocurrency as an alternative to regular cross-border transactions. They believe it offers customers a better experience, with lower fees and faster payments.
Merchants also believe that crypto will help them gain new customers. The ability to eliminate the middleman will help them reduce prices and increase margins.
Ethereum’s Sepolia Testnet Switch to Proof-of-Stake is Successful
In exciting news for proof-of-stake fans, one of the final testnet merges before the Ethereum blockcahin makes its own move from proof-of-work to proof-of-stake was achieved. Known as Sepolia, this was the second of three public testnets to be put through its paces.
No significant glitches occurred, and the third and final testnet (Goerli) is expected to also merge in the not too distant future.
Crypto Exchange Bitstamp Wants To Charge “Inactivity Fees”
Lastly, crypto exchange Bitstamp wants to charge EU users inactivity fees. Those who don’t trade will have to pay €10 per month going forward. U.S. users, though, won’t be affected.
“Keeping inactive accounts on the books is a cost,” says the exchange. “In order for us to continue providing great services to all our customers, we made the hard decision to implement an inactivity fee.”
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