Pakistan and El Salvador have announced a strategic partnership aimed at jointly exploring cryptocurrency opportunities, particularly Bitcoin. This cooperation may positively impact the economic development of both countries.
Pakistan's Plans for Bitcoin Reserve
Pakistan is devising plans to establish a Bitcoin reserve, allocating 2,000 megawatts of power for mining purposes. However, potential challenges exist as the International Monetary Fund is not planning to subsidize this initiative. Despite this, the strategic plan remains a priority.
Market and Official Reactions
Reactions to the initiative have been positive. President Bukele emphasizes support for financial sovereignty through Bitcoin, while Minister of Economy Maria Luisa Hayem confirmed continued asset accumulation. This collaboration is viewed as a significant step in promoting Bitcoin adoption at a national level.
Bitcoin Market Data and Volatility
According to CoinMarketCap, Bitcoin's current price is $118,331.74, with a market cap of $2.35 trillion. Its dominance stands at 61.80%, marking a 39.75% increase over the last 90 days. Trading volume hit $73.26 billion, reflecting a decline of 9.93% over 24 hours.
The cooperation between Pakistan and El Salvador in the cryptocurrency field may lead to a new stage in the development of Bitcoin on the international stage, though successful implementation requires overcoming several challenges.
