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Honduras Launches ‘Bitcoin Valley’ to Increase Crypto Adoption

‘Bitcoin Valley’ Is Started in Honduras to Draw Crypto Traders
‘Bitcoin Valley’ is a mission that the Central American country of Honduras recently started in the city of Santa Lucia, with the goal of attracting cryptocurrency dealers from all over the world. Numerous businesses in the city will now take Bitcoin as payment, according to a Reuters report. Now that ‘Bitcoin Valley’ has emerged, Honduras is joining the rapidly expanding world of cryptocurrency. The declaration from Central America was made about ten months after El Salvador, a neighbouring country, formally recognised Bitcoin as legal cash.

Not to be outdone by El Salvador, Honduras established a “Bitcoin Valley” in a city 20 minutes from Tegucigalpa, the country’s capital. By registering 60 businesses that are prepared to educate customers and use Bitcoin for their goods and services, the Central American nation hopes to encourage the adoption of the cryptocurrency. Even if it might be viewed as a PR stunt, rising countries like Honduras and El Salvador are starting to realise the possibilities of cryptocurrency, particularly in situations where their national currency is unstable, according to Simon Peters, Market Analyst at eToro.

El Salvador had a roughly 30% boost in tourism after recognising Bitcoin as legal tender. However, the significant decline in the value of Bitcoin is currently causing some problems for the country.

July
Even though Bitcoin lost almost 60% of its value in the first half of 2022, the cryptocurrency had a strong start to the second half of the year. With an approximately 17% increase in value, Bitcoin experienced its largest increase of the year in July.

Even if there is still work to be done to make up for the losses from the first half, cryptocurrencies like Bitcoin are seeing a mini-resurgence. After beginning the week below$20,000, Bitcoin only reached over $24,000 on the eToro platform last week, according to Peters.

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