Cryptocurrency price news – Vietnam sees rapid growth in crypto usage sparking surge as Shiba Inu price jumps by 10%

WHAT IS ALCEHMY PAY?

The cryptocurrency was co-founded by payments industry veterans Molly Zheng, Shawn Shi and John Tan.

Trading for Alchemy Pay first began in September 2020.

According to Alchemy Pay, it is the “world’s first” hybrid crypto and fiat payment gateway.

Through Alchemy Pay, users are allowed to receive payments in the local currency of their choice, regardless of how it is sent.

POLKADOT PRICE PREDICTIONS CONTINUED

Mr Butler said Polkadot has “the potential to grow significantly” thanks to new projects continuing to join the network.

However, as with any cryptocurrency, it could also dive, which will generally depend on the success of the wider cryptocurrency market.

Mr Jobson added: “The mechanics of the network is certainly intriguing, but like all cryptocurrencies, Polkadot’s success is dependent on large scale adoption and the strength of its systems.

“It still has a long way to go to prove that its model works.”

POLKADOT PRICE PREDICTIONS

Plenty of experts and fans have predicted how Polkadot’s price will change in future, but as always, keep in mind that nothing’s guaranteed.

For example, WalletInvestor has set a one-year forecast of $47.262 and a five-year forecast of $135.288.

While Coinpriceforecast expects it’ll be until 2023 when the price goes above $50 to hit $58.11.

The site isn’t as optimistic as WalletInvestor though, and expects the price to be just $86.21 by the end of 2033.

In comparison, Longforecast expects the crypto to hit a value range of between $97.70 and $121.26 in December 2023.

POLKADOT PRICE CONTINUED

Danny Butler, investment specialist at Finder, told The Sun: “One of the biggest drivers of this recent momentum is the upcoming parachain auctions.

“These auctions enable the community to vote on which additional features and network upgrades should be added in the future.

“There’s also a few other contributing factors that explain this rise; with a number of projects interested in launching on the network, an increase in daily trading volume over time, plus a wider recovery of Bitcoin and the crypto market in general.”

THE PRICE OF POLKADOT

The price of Polkadot is currently sitting at $30.27, up by 5.48% over the past 24 hours, according to CoinMarketCap.

It hit its highest ever level on May 14 when it reached $47.95, but then bottomed out in the middle of July.

Since then, it has increased further and reached $31.47 on August 31.

In comparison, it was worth just $8.3068 on January 1.

WHAT IS POLKADOT?

The Polkadot project was founded in 2017, but the cryptocurrency only launched in May last year.

It allows cross-chain transfers of any type of data or asset, not just tokens, making a number of blockchains interoperable with each other.

In essence, it’s an interchange and translator between multiple blockchains – most of which weren’t built to communicate with others, Myron Jobson, personal finance campaigner of Interactive Investor, told The Sun.

He added: “To put this into context, developers have a choice from a variety of blockchains to build applications on – each with their own strengths and weaknesses that they have to mull over when deciding where to develop.

“Polkadot aims to solve that problem by enabling interoperability between chains.”

COULD VENEZUELA BE NEXT?

Venezuela is another likely candidate. The country unveiled its own cryptocurrency – the Petro – back in 2018 but efforts to get the currency off the ground have stalled.

That’s partly due to ongoing US sanctions against the oil-rich, but volatile country.

Bitcoin may be adopted by the country as a stable alternative to Petro, as it’s already a widely accepted and proven blockchain payments network.

MEXICO

Meanwhile, Mexico has previously held discussions regarding the adoption of some form of digital currency.

El Salvador’s decision could ultimately shift favor towards Bitcoin rather than alternative crypto or a Central Bank Digital Currency (CBDC).

Earlier this week, Grupo Elektra, a leading banking and retail company in Mexico, threw its support behind Bitcoin by introducing the Bitcoin Lightning Network as a payment method.

But Mexico’s central bank quickly shot down the plans, warning: “The country’s financial institutions are not authorized to carry out and offer to the public operations with virtual assets, such as Bitcoin, Ether, XRP.”

Many of the country’s lawmakers remain opposed to Bitcoin, despite grappling with high inflation rates due to the continued devaluation of its currency.

PANAMA

When it comes to Central America, Mexico and Panama are considered potential Bitcoin adopters in the near future.

If Panama were to adopt the currency, it could have global implications considering its status as a critical shipping lane.

Like Paraguay, Panama has introduced a bill to regulate the use of Bitcoin within the nation. The bill would recognize Bitcoin as a national alternative payment method.

Panamanian Congressman Gabriel Silva, who authored the bill, tweeted on Tuesday: “Today we present the Crypto Law. We seek to make Panama a country compatible with the blockchain, crypto assets, and the internet.

“This has the potential to create thousands of jobs, attract investment and make the government transparent.”

PARAGUAY

Paraguay is viewed by many as the next likely candidate for Bitcoin adoption.

That belief comes, in part, as a response to local congressman Carlos Rejala drafting legislation to make the nation more attractive to the crypto market.

Rejala’s plans will allow crypto firms to finance their operations in Paraguay using digital currency, as well as remit dividends abroad and capitalize any crypto profits into local banks, ProactiveInvestments.com reports.

Rejala also said that the country’s low electricity, costs, and the fact it sources most of its power from renewable energy, is a key advantage amid concerns about the environmental impact of crypto mining.

Should the bill pass, Rejala previously suggested he’d seek to present another bill to make Bitcoin legal tender later this year.

MORE POSITIVES

“El Salvador’s adoption of Bitcoin has brought concern from officials in developed nations as well as from international NGOs who often describe Bitcoin as having few redeeming public interest attributes.”

Despite the risks, a number of nations have already hinted that they too may soon open doors to crypto and deviate from the cautious approach to the e-currency taken by many of the world’s central banks.

POSITIVES OF ADOPTING BITCOIN

Maggie Wu, the CEO of blockchain venture capital firm Krypital Group, says challenges in Bitcoin adoption do exist, however told Forbes she’s optimistic about its future.

“I believe that Bitcoin adoption is conceivable, especially in the relatively small developing countries with inadequate monetary systems where the recognition of digital currencies there is relatively high,” she said.

“The blockchain-related infrastructure that can carry digital currencies in most Central and South American countries and regions is not complete, including wallets, exchanges, etc. This is also the direction of our investment focus. We think there is huge potential and value here for fostering crypto adoption throughout the region.

FINANCIAL RISKS PART 3

El Salvador’s economy relies heavily on the remittance market, representing around 20 percent of the nation’s GBP, or around $6 billion annually, according to Forbes.

Around 95 percent of remittances are sent from Salvadorans working in the US to their families back in their native country.

But service charge fees for such transfers can make up a significant chunk of the portion sent, particularly with smaller transfer amounts.

FINANCIAL RISKS PART 2

But Bukele has argued that adopting Bitcoin will allow more Salvadorians, about 70 percent of whom don’t have bank accounts, into the formal economy. 

“Who’d be against something that helps the people and doesn’t do any harm?” he said of his critics. “They’re probably politically motivated.”

He also argued that it would make it faster and cheaper to receive money from family living abroad.

FINANCIAL RISKS OF ADOPTING BITCOIN

Proponents of El Salvador’s decision have hailed the move as the progressive future of money.

Critics, however, have derided it as little more than a publicity stunt by Bukele.

More troublingly, they say the move poses substantial financial risks to ordinary Salvadorians and their country, as cryptocurrency is an infamously volatile market.

Indeed, the nation’s cryptocurrency rollout got off to a rocky start yesterday with Bitcoin plunging more than 10 percent, seeing its value drop from $52,5000 to $44,000, on its first day as El Salvador’s official currency.

EL SALVADOR ADOPTS BITCOIN CONTINUED

However, those who do not have access to technologies that can carry out…