[Bitcoin Now] Slight Rise to 57 Million KRW... Burning El Salvador Bitcoin Deposit and Withdrawal Machine

Protest Against Bitcoin Legal Tender on El Salvador's 200th Independence Anniversary
Ray Dalio: "Regulators Will Try to Kill Cryptocurrency If It Tries to Go Mainstream"

[Image source=Yonhap News]

[Asia Economy Reporter Gong Byung-sun] The leading cryptocurrency Bitcoin slightly rose to the 57 million KRW range. However, in El Salvador, a Central and South American country that adopted Bitcoin as legal tender, public opposition is intensifying.

According to the domestic cryptocurrency exchange Upbit, as of 3:12 PM on the 16th, Bitcoin recorded 57.22 million KRW, up 0.04% compared to the previous day. It had fallen to 53.6 million KRW on the 13th but rebounded afterward. It also rose to 57.6 million KRW at 1:19 AM on the same day.

El Salvador, the first country in the world to use Bitcoin as legal tender, is still experiencing internal turmoil. On the 15th (local time), according to the US economic media Bloomberg, thousands of citizens gathered in San Salvador, the capital of El Salvador, to protest against the adoption of Bitcoin as legal tender. The day marked the 200th anniversary of El Salvador's independence. Some protesters showed somewhat agitated behavior, including burning Bitcoin ATMs.

El Salvador officially adopted Bitcoin as legal tender on the 7th. President Nayib Bukele emphasized that Bitcoin would create jobs in the short term and provide financial accessibility to people outside the formal financial system. However, contrary to President Bukele's expectations, public opposition is strong. On the first day of adoption, more than 1,000 people gathered to protest against Bitcoin as legal tender. Particularly, dissatisfaction grew when the cryptocurrency wallet for Salvadoran citizens, ‘Chivo,’ was temporarily unavailable for download on application platforms.

[Image source=AP Yonhap News]

Meanwhile, Ray Dalio, Chief Investment Officer (CIO) of hedge fund Bridgewater Associates, warned that Bitcoin could be shaken by government pressure. According to US economic media CNBC on the 15th, Dalio attended the world’s largest hedge fund conference, the ‘SALT Conference,’ held in New York, and said, “When cryptocurrencies try to enter the mainstream, regulators will try to kill them,” adding, “Historically, many things had no intrinsic value but were recognized as valuable.” His remarks suggest that Bitcoin’s status remains unstable and that it lacks intrinsic value. However, he added that during periods of rising inflation, holding Bitcoin is better than holding cash.

Previously, Dalio expressed a somewhat favorable stance toward Bitcoin, stating that he holds Bitcoin. However, last month, considering liquidity that allows conversion to cash at prices similar to the purchase price, he said gold is a better investment target than Bitcoin. At the event, he revealed that although he holds less than gold, he still holds Bitcoin.

This content was produced with the assistance of AI translation services.