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- Coinbase says it will add support for the Bitcoin Lightning Network.
- Cathie Wood praises the crypto exchange for the decision.
- Coinbase shares are down nearly 30% versus their YTD high.
Coinbase Global Inc has decided to integrate the Lightning Network that aims at making Bitcoin a viable option for faster and cheaper global payments.
How long will the integration take?
The crypto exchange had been exploring adding support for the Lightning Network since early August. On Wednesday, Brian Armstrong – its Chief Executive wrote on X (formerly Twitter):
We’ve made decision to integrate Lightning. Bitcoin is most important asset in crypto and we’re excited to do our part to enable faster/cheaper Bitcoin transactions.
He did not reveal how long the integration will likely take, though.
The announcement arrives more than a month after Coinbase reported its financial results for the second quarter that handily topped Street estimates. At writing, shares of the crypto company are down close to 30% versus their year-to-date high.
Cathie Wood thumbs up Coinbase for the decision
Note that Coinbase Global is taking after Cash App – the mobile payment service of the California-based Block Inc. Reacting to its announcement today, Cathie Wood of Ark Invest wrote on X:
Coinbase’s integration with Lightning will give its 100 million users an on-ramp to faster and cheaper bitcoin transactions. Hats off to Coinbase!
Other notable names who have been vocal in their support for the Lightning Network include Michael Saylor – the Executive Chairman of MicroStrategy Inc.
The former president of PayPal – David Marcus also reiterated commitment this week to turning Bitcoin into a global payments network (find out more). The price of a BTC is currently about 20% below its year-to-date high.
Reports: Twitter is closer to integrating crypto, dogecoin and … crypto.news
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El Salvador, the Central American nation created history again today after it finally integrated Bitcoin ($BTC) as legal tender in the country. The country has passed a Bitcoin law back in June and despite criticism and protest within the country, the small Latin American State has gone ahead with its plan. Nayib Bukele, the President of the country and also the main architect behind the Bitcoin law warned people that there will be a number of FUDs that will arise, but they should ignore it.
3 minutos para hacer historia.
In 3 minutes, we make history.#BitcoinDay #BTC
— Nayib Bukele
(@nayibbukele) September 7, 2021
A day before the final implementation, El Salvador purchased 400 Bitcoin worth nearly $21 million. President Bukele also revealed that the brokers would continue to make Bitcoin purchases in the future as well.
El Salvador has just bought it’s first 200 coins.
Our brokers will be buying a lot more as the deadline approaches.#BitcoinDay #BTC
— Nayib Bukele
The country has decided to call this historic day “Bitcoin Day” and moving forward people would be able to use Bitcoin for instant payments. Nearly 200 Bitcoin ATMs have been set up across the state to allow people to convert their Bitcoin to US dollars.
Can El Salvador Get Past Minor Roadblocks to Make BTC a Norm?
El Salvador faced criticism from around the globe include IMF, World Bank, JP Morgan, and many in the country itself who were not happy with the decision. A recent survey in the state revealed that nearly 70% of Salvadorians were not pleased with the decision to use Bitcoin as legal tender.
Mainstream media has also likened President Bukele to a dictator for moving ahead with the plan despite the country having no financial stability. Bukele on the other hand has ignored all the criticism and maintained the decision is for the greater good as more than 70% of the Salvadorian population remains unbanked.
President Bukele also launched a free Bitcoin airdrop campaign offering $30 worth of BTC to each adult citizen under the national Bitcoin wallet program in association with Chivo. Chivo would offer Bitcoin wallet services across the nation.
Parafraseando al buen Nikola Tesla.
(No el de TESALE)
“El presente es de ustedes, pero el futuro, por el que tanto hemos trabajado, nos pertenece”.
— chivo (@chivowallet) September 7, 2021
While Salvador has failed to garner support from world organizations, the crypto community has come in full support of the small nation from the day it announced its Bitcoin plans. Many in the crypto believe the decision by El Salvador was quite brave and it would create a domino effect for other financially unstable states to follow the same.
#bitcoin is now legal tender in El Salvador.
— Peter McCormack (@PeterMcCormack) September 7, 2021
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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