El Salvador plans to hold talks on Bitcoin adoption amongst emerging crypto markets of the world.
El Salvador’s President, Nayib Bukele, announced on Sunday that the country will host delegates from 44 countries to discuss Bitcoin (BTC) this week.
In a series of tweets, Bukele stated that delegates from 44 countries, including 32 central banks and 12 financial authorities, will meet in El Salvador to discuss financial inclusion, economic digitization, and the country’s well-known Bitcoin adoption.
Delegates appear to be from a variety of South American, African, and South Asian countries.
El Salvador Leads The Way For Emerging Markets
Delegates from Pakistan, Bangladesh, Paraguay, Haiti, Madagascar, and the Maldives will be in attendance.
The majority of the countries in attendance are also from emerging or frontier markets, indicating a relatively small economic profile. These countries have also typically led the charge in cryptocurrency adoption.
While Bitcoin is not a good inflation hedge for traders in the United States, emerging markets with much higher inflation rates may find the token to be more valuable. Countries such as Turkey and Argentina, where inflation recently reached 50%, have seen a corresponding increase in crypto adoption.
El Salvador also adopted Bitcoin during a period of economic weakness, a trend that has continued into 2022. On a similar premise, the Central African Republic recently adopted Bitcoin as legal tender.
Bitcoin Crash May Put Its Adoption At Risk
While adoption is undoubtedly positive for crypto, El Salvador’s conference coincides with one of the worst crypto crashes in recent memory. Bitcoin has fallen more than 50% from its all-time high, while total crypto market capitalization fell by more than $500 billion last week.
El Salvador may also face a debt default as a result of the crypto crash, according to a report last week. The country is losing a lot of money on Bitcoin.
Nonetheless, increased adoption may prove to be a net positive for the world’s largest cryptocurrency in the long run. However, given recent volatility, some have questioned its viability as a payment system.