The past week in the world of cryptocurrency was nothing short of eventful. From Rep. Matt Gaetz‘s (R-Fla.) proposal to downgrade travel advisory to El Salvador to the fluctuating fortunes of the Trump-themed “Restore the Republic” coin, there was no shortage of intriguing developments. Let’s dive into the top stories of the week.
Gaetz Urges Downgrade of El Salvador Travel Advisory
The Congressional El Salvador Caucus, led by Gaetz and Rep. Vicente Gonzalez (D-Texas), has called on the Biden administration to ease the travel advisory for El Salvador from Level 3 to Level 1. The caucus believes that this move will encourage normal precautions for travelers, rather than the current “Reconsider Travel” advice.
‘Restore the Republic’ Coin Sees Dramatic Drop
A new cryptocurrency on the Solana blockchain, named ‘Restore the Republic’, saw its market value plummet by 95% after Eric Trump confirmed that it was not the official coin associated with his father, Donald Trump. The coin’s value had soared to $155 million before the clarification.
Trump’s Bitcoin Debt Plan Questioned
Renowned economist Justin Wolfers expressed skepticism about former President Donald Trump’s plan to use Bitcoin to pay off the U.S.’s $35 trillion debt. Wolfers, a professor at the University of Michigan, questioned Trump’s understanding of debt, cryptocurrency, and economics.
Crypto Markets See Green
Cryptocurrency markets traded higher last week, with the first Solana ETF approved in Brazil.
Trump Advocates for Crypto
Former President Donald Trump voiced his support for cryptocurrencies, stating that the U.S. government should not be selling Bitcoin. In an interview, Trump referred to cryptocurrencies as “modern currencies” and noted that if the U.S. doesn’t build it, China will.
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This story was generated using Benzinga Neuro and edited by Anan Ashraf.
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