Jakarta, CNBC Indonesia – The prices of the three main crypto assets are moving in various ways during the day. But on a weekly basis, the prices of all three fell sharply.
The following is the development of bitcoin, ethereum, and ripple prices as of WIB, citing Trading Economics data:
Sumber: Trading Economics
This week, El Salvador became the first country to use bitcoin as a currency, the legal tender. However, this breakthrough did not go smoothly.
A number of residents held demonstrations because they did not believe in the reliability and safety of bitcoin as a medium of exchange. The value of a bitcoin that can change significantly in a matter of seconds can mess up transactions.
Moreover, the penetration of information technology in this Caribbean island nation is still low. Almost half of El Salvador’s population has no internet access and even if there is an unstable connection.
When going to introduce bitcoin as a legal medium of exchange, the government of El Salvador bought 400 bitcoin units worth US $ 20 million. The government promised bitcoin worth US$ 30 for every citizen.
But the problem is, not long after that the price of bitcoin fell by more than 0.5%. This means that inflation (decrease in the value of money) is more than 0.5% in a matter of hours. Though usually inflation of that size is within a month.
Bitcoin chaos in El Salvador caused negative sentiment for crypto assets. As a result, there was a hefty price correction this week.
CNBC INDONESIA RESEARCH TEAM
(aji / aji)