Crypto Scoop: Bitcoin Dips Below $30,000 Briefly

On this week’s episode of Crypto Scoop:

• Bitcoin dips below $30,000 for the first time since January
• Paraguay proposes bill to adopt bitcoin as a legal tender
• Nigerian private school accepts bitcoin as payment

Bitcoin dips below $30,000 for the first time since January

The last months have had a strain on bitcoin ever since it reached its ATH of $64,000. Several economic forces have caused bitcoin to dive in red, leaving the bitcoin community quite anxious. However, bitcoin seemed to maintain a $30,000 benchmark; despite the dips, it has stayed afloat this benchmark. Yet, this week in the early hours of Tuesday, bitcoin experienced a dip that had it dropping below its $30,000 benchmark. Analysts believe that the dip could be traced to the policies on cryptocurrencies in China which aren’t favourable to the crypto community.

Several cryptocurrencies weren’t left behind in the sell-offs as cryptocurrencies like ethereum and dogecoin also dipped in red. However, since then, bitcoin has picked up its pace towering above $30,000 once more. The bitcoin community remains relentless, trusting in the potentials of bitcoin to keep it in green.

Paraguay proposes bill to adopt bitcoin as a legal tender

Carlitos Rejala, a parliament member of the South American nation, Paraguay, in addressing the public, mentioned that a bill has been proposed to the parliament to adopt bitcoin as a legal tender. El Salvador just recently announced its decision to accept bitcoin as a legal tender. Rejala noted that if the bill is passed, Paraguay would be the second country to have Bitcoin as its official currency.

He further stressed that adopting cryptocurrency would set the country on a growth path for the next generation. This news has been taken in good faith by the bitcoin community, who had been anxious about bitcoin’s dip earlier in the week. Paraguay isn’t the only country present presenting a crypto-related bill. Earlier in the month, Panamanian congressman Gabriel Silva mentioned that he was spearheading a bill that would increase cryptocurrency adoption in Panama. He mentioned that he had “found El Salvador’s project positive, ambitious, interesting and with good acceptance.” Silvia noted that he was pursuing the project to make it a reality in Panama. He noted that he couldn’t reveal more details about the bill until he got more intakes from stakeholders. However, he seemed optimistic about cryptocurrency adoption in Panama. South American countries seem to be setting the pace for other countries as they clamour for cryptocurrency adoption.

Nigerian private school accepts bitcoin as payment

The news that a Nigerian private school, New Oxford Science Academy, Chiranchi, Kano, would be accepting bitcoin was received with a lot of positivity from the Nigerian crypto community. Earlier in the year, the Central Bank of Nigeria prohibited banks from facilitating crypto trades through their platforms. This had set a temporary stumbling block for the crypto community, who remained resilient in its support for cryptocurrency.

The news was received with a lot of positivity as it spelt that the educational sector of Nigeria was rallying in support of cryptocurrency. Sab’u Musa Haruna, the school proprietor, in her address to Journalists on Thursday, noted that the school management had taken the decision after receiving the support of parents and guardians. She stressed, “We have decided to accept cryptocurrency as school fees because the world today is tilting towards the system. She explained that the school believed “one day, digital money will gain more acceptance than paper money.”

She noted that “The decision is aimed at easing the payment of school fees for the parents.” She stressed that countries like El Salvador and Tanzania were embracing cryptocurrencies and urged the Federal government of Nigeria to embrace cryptocurrencies.

Read also: Is It Too Late To Buy Bitcoin?

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