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Bitcoin Is Getting Exotic: Crypto Marching Towards Africa

09/17/2021
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  • elsalvador
  • africa
  • NFT
  • hermitage
  • bitcoin
News list

El Salvador, Cuba, Africa... Which is more exotic location where bitcoin will be legalized next? Also, an update on the NFT-mania - in the new crypto-news digest

Salvador Drops Bitcoin

Despite all the prejudice of financial institutions, the Salvador authorities made Bitcoin an official currency along with the American dollar. And immediately rushed to buy 400 coins.

At first, the market reacted positively to these actions, and Bitcoin grew in price to around 52,5 thousand USD. But then the rate dropped to 43 thousand. The reason was that the Salvador government turned off their Chivo crypto wallet due to technical issues. The Salvador authorities didn't lose their chance and bought 150 more Bitcoins.

Today, Salvador is a pioneer in implementing cryptocurrency as a national payment method. At the same time, the majority of the population - around 70%, - doesn't even have bank cards and accounts, using solely cash. Nayib Bukele, the innovative President, is sure that this measure will help the country fight unemployment and will help the Salvadorans working abroad to send money back to their relatives.

Salvador Drops Bitcoin

Africa Got Hooked On Crypto

While Salvadorans only start their journey with Bitcoin as an official currency, Africa is experiencing a real crypto boom. Over the year, this hot continent's crypto market grew by no less than 1200%!

Nigeria, South African Republic, Tanzania, and Kenya are in the top 20 countries in the rating by Global Crypto Adoption Index. Analysts share an opinion that such high interest among the inhabitants of the African continent comes from their authorities trying to hinder transfers abroad. While active use of cryptocurrencies and wallets helps Africans get around the restrictions.

And still, even with this high activity, the African crypto market remains one of the smallest regarding overall volumes. At the same time, as we can see, it is one of the most rapidly changing markets.

Africa Got Hooked On Crypto

The Hermitage Sold da Vinci's Madonna

In one of the past episodes of LH-Crypto news, we shared the idea of the famous Russian museum in Saint Petersburg, the Hermitage, to sell some of their paintings as non-fungible tokens. The Hermitage has one of the world's largest collections of art objects. Yet even this serious institution could not resist the temptation to earn a little from their priceless pieces of art by coining them in NFT.

And we must say, they quite suceeded in it. For the five virtual paintings placed for an auction, the museum gained more than 400 thousand dollars in crypto. The most expensive one was Madonna Litta by Leonardo da Vinci, which was sold for 150,5 thousand USD. Over the last minute of the auction, the price jumped from 96 thousand to 150 thousand, and over the last seconds, an anonymous buyer offered just 500 dollars more and became a happy owner of the crypto piece of art.

Judith by Giorgione, Lilac Bush by Vincent Van Gogh, A Corner of the Garden at Montgeron by Claude Monet, and Composition VI by Vasiliy Kandinskiy were sold for smaller prices between 65 and 80 thousand USD. All five lots started at 10 thousand dollars and were at the auction for a week.

The Hermitage Sold da Vinci's Madonna

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