El Salvador’s ‘Bitcoin Week’ Draws a Community of Devotees

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(Bloomberg) – The bitcoin community arrived this week in El Salvador, the first country in the world to convert cryptocurrency into legal tender, doubling its extremely bullish outlook on digital currency while ignoring its recent drop from all-time highs.

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They traveled to El Salvador to participate in ‘bitcoin week’, a series of events with two main lectures and impromptu parties and gatherings that gave industry experts and crypto believers the opportunity to celebrate. their allegiance to the digital token which they perceive as something revolutionary.

Wearing patterned hats and t-shirts, fans who flocked to the Latin American nation said they weren’t worried about the recent price changes and would stick around for the long haul.

The centerpiece of the week was the annual Latin American Bitcoin and Blockchain Conference, a three-day event that ended on Friday.

On Wednesday evening, hundreds of Bitcoin supporters jumped to the beat of Latin rap music in front of a live music stage outside the event, while denouncing the US dollar and warning of impending hyperinflation.

José Schierano, 51, owner of an ice cream delivery business, said he found the dollar archaic.

Schierano said he traveled from Córdoba, Argentina, to hear panelists speak to LaBitConf. He also attended a separate conference in Miami earlier this year, where the President of El Salvador, Nayib Bukele, announced that bitcoin would become legal tender. The Argentine peso has fallen 16% this year against the US dollar, and strict foreign currency controls in his country mean Schierano can only withdraw US $ 200 in US currency per month. He told us that bitcoin was the way to avoid such a situation, and this is also seen in other countries, like Venezuela or Turkey, countries where central banks do not have credible policies.

Companies, from bitcoin ATM providers to cryptocurrency exchanges, have set up booths around the Presidente Theater in El Salvador’s capital. Some attendees planned trips to El Zonte, a coastal town an hour’s drive away where bitcoin first took off in El Salvador.

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