Paraguay Presidential Hopeful Wants To Make Bitcoin Legal Tender

When declaring his formal intention to become Paraguay’s new president, Carlitos Rejala, revealed that he promises to make BTC an official currency of the South American nation if he becomes president. He made this disclosure via his official Twitter handle.

Rejala Is A Top BTC Backer

Rajala’s stint as the chamber of deputies saw him co-wrote and propose a bill to legalize digital assets in the country. Part of the proposal involves creating a business around the digital asset space. The bill also proposed establishing agencies to monitor ICOs and a well-structured crypto mining sector.

Paraguay won’t have issues with environmental degradation due to crypto mining. The country depends solely on hydroelectricity which makes its energy completely renewable. The Itaipu Dam is among the top five Dams globally, and it produces at 15GWs capacity.

Apart from Paraguay, some other European and South American nations have made public knowledge about their intention to make BTC an official currency. The latest country, Ukraine, announced that it would have two official currencies in the next two years – its currently known one and BTC. Following Ukraine’s announcement, Laos (a mountainous landlocked communist state in southeastern Asia) also approved trading and mining of digital assets in the country.

The Trigger

After El Salvador adopts bitcoin as an official currency, other nations now want to do the same. Now, a Paraguayan presidential hopeful is using the adoption of BTC as a legal tender in his campaign promise.

Most nations are adopting BTC as an official currency to make their economy inflation-proof and enhance their GDP. One other reason for the growing adoption of BTC by nations is that a number of their citizens don’t own bank accounts. Hence, they would be more receptive to a currency they can access from their mobile devices and perform their settlement transactions through it.

BTC Price Bullish Today

Following the creation of a higher low last night, the bulls have resumed control of the BTC price. However, it is yet to surpass its local resistance on its way towards surging past the $50K key resistance.

Bitcoin and almost all the altcoins made profits over the past 24 hours. BTC price has fluctuated around the $47K range in the past 24 hours, which indicates modest volatility. BTC’s market dominance reduced to 42% following a decrease of about 4.53% in trading volume.

The 4-hour chart shows that there might be a retracement today as the king coin rallies towards surpassing its next key resistance $49K. After a price correction where it lost 19% in 12 hours ten days ago, the king coin has been on an impressive rally.

The week after the loss, BTC attained $48K after testing its support level twice. However, it underwent a slight price correction on Wednesday. On Friday, BTC steadied at the $47K point before embarking on a rally to retest its previous peak price. However, some crypto enthusiasts believe that the DAO, NFT and gaming niches of the crypto space would eclipse bitcoin in terms of institutional investor attraction.