Earlier this week El Salvador became the first country in the world to make bitcoin legal tender alongside the US dollar. However, this rollout faced serious problems. To control the large number of people joining the platform, the government had to temporarily suspend its cryptocurrency app Chivo to add more servers and increase capacity. This new system is slowly becoming stable. As of 12 September, the price of bitcoin in India was Rs 36.23 lakh.
Charles Hoskinson also expressed his belief that the younger generation will drive mass adoption of cryptocurrencies. He added that “the majority of people under the age of 25 have a positive approach to cryptocurrencies, and many of them are still holding or trading them. This is the future.”
Hoskinson was the founding chairman of the Bitcoin Foundation’s education committee and founded the Cryptocurrency Research Group in 2013. He is currently leading the research, design and development of Cardano. Cardano cryptocurrency was launched in 2017. On 7 September, the proposal to accept bitcoin as a legal tender was to be legally implemented, at that time almost all cryptocurrencies, including bitcoin, saw a huge drop in price. Not only that, everything related to cryptocurrency seemed to be affected that day.
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