FX.co ★ Will cryptocurrency be legalized as a means of payment?

Former US President Donald Trump considers Bitcoin a fraud. On Monday, he said that Bitcoin is competing with the status of the US dollar. He does not like it, and he always wanted the US dollar to eventually become a world currency.

Trump added that he is currently trying to stay away from both bitcoins and the stock market since he considers it too overbought.

It is worth noting that the former American President voiced his views on the main cryptocurrency just after news broke that El Salvador wanted to legalized bitcoin as a means of payment.

Nayib Bukele, a very young and already popular President of El Salvador, made the announcement in a recorded message that was played at the Bitcoin 202 conference in Miami.

The report said he would send a bill to Congress next week that would help put El Salvador on the map as the first sovereign nation to accept bitcoin as legal tender. He also hopes that such a solution will help create jobs and provide access to financial services for thousands of people outside the formal economy. In addition, he believes that their decision will push humanity in the right direction.

In addition to Trump's comments on Bitcoin, a Goldman Sachs study conducted by the Investment Directors of Investment (CIO) also put pressure on said cryptocurrency.

The survey found Bitcoin is the least favorite investment of CIOs, which could mean institutional adoption will take longer than anticipated.

Previously, meetings of directors of investment technologies were held, and 25 IT directors from various hedge funds took part in it. Their most favorite style is the growth style, but the least favorite for Bitcoin. This was written in a message to clients by Goldman Sachs strategist Timothy Mo.

But despite all the versatile pressure on Bitcoin, the cryptocurrency continues to struggle and withstand the competition.

On another note, South Korea has developed a bill on cryptography. The deputies of the Democratic Party presented draft laws on virtual assets, and the development of the virtual asset industry, as well as on the protection of investors in May 2021.

This country plans to tax foreign crypto-assets starting in 2022.

Currently, the Korean government does not recognize Bitcoin or other cryptocurrencies as financial assets. However, the government announced that it will start collecting taxes on income from cryptocurrencies as early as 2022.