El Salvador became the world’s first country to make a legal offer to Bitcoin on September 7th (CCC:BTC-USD). The country has also established a 150 million dollar fund to support the conversion of Bitcoin from US dollars. As a result, Bitcoin-related crypto stocks have seen significant volatility in recent weeks.
To encourage the use of Bitcoin in El Salvador, the government of El Salvador will provide its citizens with a pre-loaded $30 Bitcoin wallet. The government must first download Chivo, the digital wallet, in order to receive it.
Furthermore, as the launch date approaches, the government has installed more than 200 Bitcoin Automated Teller Machines (ATMs). With the help of these ATMs, citizens can easily convert digital currency to US dollars.
These modifications were made to make the process easier for El Salvadorans and to promote the use of cryptocurrency in El Salvador. However, recent rollout issues have resulted in a rocky start.
On September 6, the price of Bitcoin reached $52,000, its highest level since May 20, 2021. This massive increase occurred before Bitcoin was accepted as legal tender. However, as a result of El Salvador’s botched bitcoin roll-out, the price of Bitcoin has dropped dramatically since then.
However, a few other countries, including Ukraine and Panama, are reportedly considering making cryptocurrency legal tender. El Salvador’s decision has undoubtedly increased confidence and enthusiasm among cryptocurrency investors, buyers, and traders.
In this regard, as Bitcoin becomes legal tender, the seven crypto stocks listed below are worth considering:
- PayPal Inc. is a holding company (NASDAQ:PYPL)
- JPMorgan Chase Riot Blockchain (NASDAQ:RIOT) (NYSE:JPM)
- CME Group is an abbreviation for CME (NASDAQ:CME)
- Microchips of the Future (NASDAQ:AMD)
- Global Coinbase (NASDAQ:COIN)
- Silvergate Capital is a venture capital firm (NYSE:SI)
PayPal announced in October 2020 that its users would be able to buy, store, and sell cryptocurrencies directly through its services. According to a Mizuho Securities survey, nearly 17% of PayPal customers used the platform to buy or sell cryptocurrencies. This is an impressive demonstration of a new service.
In fact, PayPal is a major player in the digital wallet market. Globally, the company has over 392 million users. According to the current adoption rate, approximately 67 million PayPal users have cryptocurrency in their accounts. This is a significant boost for those who believe in PayPal’s ability to expand.
Riot Blockchain is a cryptocurrency stock that investors want to see grow. Riot’s business model is inextricably linked to the success of Bitcoin prices, among other cryptocurrencies.
RIOT investors can also invest in a variety of other cryptocurrency companies with enormous upside potential. Riot owns a stake in Verady, a company that offers cryptocurrency accounting and financial reporting services.
JP Morgan Chase
JPMorgan Chase, one of the world’s largest banks and asset management firms, is an intriguing indirect cryptography player. This large bank has a diverse range of operations. Corporate banking, consumer banking, and asset management are among its primary business lines.