Bukele said El Salvador had experienced a growing tourist influx over the last year, attributing it to his policies concerning Bitcoin. He commented the UN had not emerged to divide, destroy or subdue but to help people work together and build a better community.

The cryptocurrency community always feels attracted to the speech of Nayib Bukele due to his growing popularity. Therefore, various media outlets replicated his recent words before the United Nations (UN), the most relevant forum for Latin American countries.

It is important to remember there have been disagreements between the government of Nayib Bukele and the above international organization.

The Salvadoran president started his speech by saying he brought greetings from the land of volcanoes, surfing, Bitcoin, and Freedom.

Bukele focused his initial words on what he considers the most notorious advances for El Salvador. He highlighted that the Central American nation has gone from being one of the most dangerous to becoming one of the safest.

The president also mentioned the growing tourist influx that El Salvador has experienced over the last year. He has attributed that increase to the policies adopted by his government concerning Bitcoin.

He pointed out that he stood before the UN three years ago to say their format was obsolete. He also said that he no longer believed in it as it has proven outdated.

Bukele Says El Salvador Is the Country of Bitcoin

The crypto and international communities have felt attracted to adopting Bitcoin as a legal tender in El Salvador. It was the first country to accept that cryptocurrency and legalize its use, adopting policies to promote its acceptance among citizens.

In addition, he created a 2,300 BTC reserve for the Central American country. However, his detractors criticize him as it now represents less than 50% of the investment.

International economic organizations like the International Monetary Fund (IMF) have commented against the policies of El Salvador. Therefore, the speech of Bukele encompasses the interference of other larger countries in this area.

After referring to that assembly as useless, he said that the UN had not emerged to divide, destroy, or subdue. He highlighted that it should help people relate to work together, build a better community, and seek solutions to problems.

Bukele Talks about Whether Bitcoin Has Failed in El Salvador

The Salvadoran population has undoubtedly not welcomed the adoption of Bitcoin as expected. According to some media outlets, the remittances received by citizens through the Chivo Wallet are less than 2%.

El Salvador now faces a difficult economic situation, as it does not receive international financing while the rating of its sovereign bonds is dropping. Among the economic policies that Nayib Bukele will promote include offers to repurchase part of the public debt.

The public debt of El Salvador, which it must pay between 2023 and 2025, is around USD 1.6 billion. Meanwhile, the Salvadoran Minister of Finance clarified that they only had USD 550 million to repurchase the debt.

Amid that situation and the low prices in the crypto market, El Salvador must respond to considerable economic challenges. However, the Salvadoran president stands firm with his decision to adopt the pioneering cryptocurrency.

By Alexander Salazar

While the Lebanese pound has depreciated by over 90%, the government has restricted the amount of money people can withdraw. The chaotic economic situation has caused many people to turn to Bitcoin as no third party or government can block it.

The number of bank robberies in Lebanon by armed people who demand access to their frozen savings is rising.

Lebanese banks have limited foreign exchange withdrawals since 2019, freezing the savings of millions of people. Around 80% of the population has come into poverty as the economy of the Eastern Mediterranean country continues collapsing.

Over the last few days, several middle-class Lebanese citizens conducted robberies using real and toy weapons.

According to local media, the restrictions on how much money customers can withdraw caused a person to rob a bank with a hunting rifle.

In another case, a woman broke into a bank with a toy gun, demanding USD 13,000 of her frozen savings. While people surrounded the entrance, she shouted at employees to release that amount of cash.

According to the Associated Press, a man armed with a gun kept ten (10) bank employees as hostages. He also threatened to burn himself with gasoline unless he could withdraw his money to pay the medical bills for his father.

Meanwhile, demonstrators gathered outside the bank to support the man, saying they wanted the government of the banks to fall.

Somewhere else in the country, a person entered a bank, demanding the release of his trapped savings. According to Reuters, a security source said the police caught him after stealing USD 30,000 of his money.

There is an Ongoing Economic Crises in Lebanon

The ongoing economic crisis in Lebanon that started in 2019 has made robberies increasingly common. The Lebanese pound (LBP), the local fiat currency, has lost its value by over 90%. Meanwhile, the government has restricted the amount of money people can withdraw from their accounts.

According to the World Bank, Lebanon is undergoing one of the worst economic crises, with almost all citizens have come into misery.

The above are only examples of the growing number of bank attacks in Lebanon by people desperate to recover their savings. The economic crisis worsens, leading many citizens to use force to access their money.

People Turn to Cryptocurrencies due to the Collapse of Lebanese Banks

The chaotic situation in Lebanon has caused many people to turn to decentralized cryptocurrencies like Bitcoin (BTC) for help. One reason is that no third party or government can block access to those assets.

Some Lebanese citizens have lost 100% of their savings because banks have blocked their deposits. Therefore, many view Bitcoin as a lifeline amid the ongoing economic crisis in the Eastern Mediterranean nation.

Meanwhile, Bitcoin is trading at around USD 19.0967 and has accumulated a 0.6% loss over the last 24 hours. While its daily trading volume is above USD 34.13 billion, its market capitalization is about USD 365.29 billion, according to CoinGecko.

By Alexander Salazar

The availability of many cryptocurrencies has led investors to flock to well-known projects like Dogecoin and Polkadot. However, the NFT project Flasko seems to be the only one capable of surpassing them by the end of 2022.

In contrast to other markets, cryptocurrencies see most funds coming in despite the crypto winter. While adoption and curiosity seem to grow in this niche, interest in making money also draws attention.

All over the world, investors are seeking a project that generates 10X profit or more. Since many coins are available, people have flocked to known projects like Dogecoin (DOGE) and Polkadot (DOT).

Although Dogecoin and Polkadot are proven and popular crypto assets, no one knows if they could rise significantly. Only the project Flasko (FLSK) seems poised to outperform them by the end of 2022.

Upgrades Do Not Benefit the Former King of Dog Memes

In 2021, DOGE was the dark horse of crypto assets, reaching an all-time high of 76 US cents. However, the hype for the Shiba Inu-inspired meme token dropped in May of that year.

The trend in the price of Dogecoin has hovered around USD 0.059, representing a 90% drop from the peak. According to analysts, this loss in value is due to various factors.

As with other meme coins, the price of DOGE usually moves according to media attention rather than new infrastructural developments. There is also a significant reduction in the number of holders as many whales have sold their holdings.

Although the value of Dogecoin could increase further in the coming months, a significant momentum seems unlikely.

DOGE is trading at around USD 0.059258 and has accumulated a 4.7% gain over the last 24 hours. While its daily trading volume is above USD 320.75 million, its market capitalization is about USD 7.86 billion, according to CoinGecko.

DOT Does Not Serve Well as a VC Dump

Polkadot follows Dogecoin in the ranking of cryptocurrencies by market capitalization. The price of this interoperability pioneer rose by almost 2,500% in a year, reaching a maximum of USD 55 in November 2021.

However, DOT is down by almost 90% and is trading at USD 6.35. The fundamentals of the crypto asset are not responsible for the fall since the overall crypto market has gained momentum.

Despite its investment value, Polkadot is not very easy to understand due to the complexity of its purpose. In addition, the several existing interoperable currencies mean high competition, while DOT may eventually catch up.

DOT is trading at around USD 6.39 and has accumulated a 0.3% gain over the last 24 hours. While its daily trading volume is above USD 353.34 million, its market capitalization is about USD 7.37 billion, according to CoinGecko.

FLSK is a Crypto Project with Much Potential

Flasko is the first project of its kind to couple NFTs with the USD 13.4 trillion premium beverage investment sector. Over the last five years, the whiskey, wine and champagne industries have sprung up in unprecedented ways.

FLSK brings luxury drinks to the crypto space after having passed the audit with Solid Proof. In addition, the creators of the crypto asset have committed to maintaining its liquidity for 33 years.

Early investors in FLSK may profit from this alternative investment. The price of the token is still below 5 US cents. However, experts expect it to hit USD 1.60 by late 2022.

By Alexander Salazar