Will El Salvador Accept Multiple Altcoins?

Cardano’s CEO Requests to Visit the Country After Adding 50,000 Staking Addresses

While the crypto sector is trying to stabilize its proceedings, countries like El Salvador are still putting faith in it. The nation is known to support cryptocurrencies as it became the first to accept Bitcoin as an official tender. Now, Charles Hoskinson (Cardano’s CEO) wants to visit El Salvador to discuss Cardano’s potential. The request came in shortly after Cardano announced adding 50,000 new staking addresses in the previous three weeks.

Hoskinson stated that the visit would cover standard documents and discussions regarding Cardano’s use cases. There has been no official reply as El Salvador’s president and regulation authorities can make the final decision. The Cardano community is also trying to show how Cardano holds more value than Bitcoin in the long run. It provides more liberty and development opportunities to ventures.

President Bukele recently shared his opinion on accepting BTC as an official tender. He stated that the decision was challenging, and the nation is lining up other crypto projects to join Bitcoin. While other cryptos show potential, currently, Bitcoin is El Salvador’s top pick.

Charles Hoskinson Requests Entry in El Salvador

Charles Hoskinson is known for being the founder of both IOHK and Cardano. He recently stated his intention to launch a smart contract platform based on Cardano in El Salvador.

As per Hoskinson, Cardano has submitted every necessary document and currently waits to get an affirmation to visit the country. The intention behind the visit is to meet President Bukele while consulting with political authorities and parties. The meeting will decide whether the nation wants to expand crypto legalization beyond Bitcoin.

Since El Salvador’s recent Bitcoin adoption, every crypto project is eyeing the nation to expand its proceedings. That’s why Hoskinson’s move seems natural and might even help Cardano gain an enormous audience. 

Cardano Adds 50,000 New Staking Addresses

While Hoskinson is trying to convince El Salvador authorities, the platform is establishing new milestones. It added over 50,000 staking addresses in the past three weeks, taking its total to approximately 600,000 addresses.

The 659,301 addresses are spread across 2,647 pools with a TVL of 29.44 billion dollars. The number amounts to 71.27% of the total supply – 41.3 billion dollars.

Based on our Cardano prediction, the ADA coin might continue to reflect positive momentum in the upcoming months. Cardano price recently hit its 90-day low by reaching 2.46 dollars, but the trend is not exclusive to Cardano. Most cryptocurrencies are struggling, but moves like a new node named AlonzoBlue 2.0 are helping the platform find some stability.

After accepting Bitcoin as an official tender, El Salvador is now seeking attention from Cardano’s CEO. Charles Hoskinson recently showed his interest in visiting the nation and promoting Cardano to the authorities. If President Bukele accepts the invitation, Cardano will quickly end its downward spiral.

Roxanne Williams

Roxanne Williams has recently joined as a market reporter for CryptoNewsZ - the 24/7 crypto news site, where she produces recent stories, technical analysis and price updates on world's leading cryptocurrencies.

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