Over 200 Businesses Now Accepting Bitcoin in Guatemala

The market’s acceptance of Bitcoin is becoming increasingly noticeable.
In Guatemala alone, up to 200 businesses are now accepting bitcoins.
Guatemala joins some countries in the world in becoming Bitcoin-friendly.

Despite Bitcoin’s notorious volatility, its acceptance in the modern market is becoming noticeable. In Guatemala alone, there are around 200 businesses accepting the chief cryptocurrency.

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The central bank presidents for Honduras and Guatemala both said that they have been studying digital currencies. In addition, they are aiming to eventually introduce them into the economy, including via a central bank digital currency (CBDC).

Guatemala’s central bank Vice President, Jose Alfredo Blanco, has also said the bank was studying the possibility of a local digital currency. According to Blanco, the proposed name of the CBDC is iQuetzal.

“It will take perhaps a long time to complete the investigation phase,” Blanco said, adding that a committee had been formed six months ago.

According to reports by concerned parties, Bitcoin’s price fluctuates, and sometimes the price goes down. But Guatemalans argue that Bitcoin generally doesn’t have this inflation problem. Specifically, they believe that over the long term, the price has been going up.

Of course, Guatemala is not the frontrunner in terms of Bitcoin adoption. In this region of the world, El Salvador remains the only country that has recognized Bitcoin as a legal tender. Additionally, a sizable percentage of online businesses worldwide have begun to accept BTC as a payment option.

Godfrey Mwirigi

Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.