Welcome to This Week in Crypto, where we bring you the latest and most significant developments in the world of digital assets. In this edition, we highlight El Salvador’s ongoing commitment to Bitcoin, now holding over $360 million in the cryptocurrency, while also launching an ambitious Bitcoin certification program for government employees. We also explore the stablecoin market’s remarkable growth, reaching a record $168 billion in market cap. Lastly, we turn our attention to Argentina, where Ethereum and blockchain technology are making their way into high school curriculums, reflecting the country’s growing embrace of digital assets amidst soaring inflation. Dive in to stay updated on these pivotal moments in crypto.
El Salvador Nows Owns 6K BTC, Launches Certification Program for 80,000 Government Employees
El Salvador continues its strong push into Bitcoin, both in terms of investment and education. The country now holds nearly 6,000 Bitcoins, worth over $360 million, after purchasing one Bitcoin daily since March 16, 2024. President Nayib Bukele has made Bitcoin a central part of the nation’s economic strategy since making it legal tender in 2021. His administration recently transferred a significant portion of its Bitcoin holdings into secure cold storage to protect against cyber threats, further solidifying the country’s long-term commitment to cryptocurrency. Bukele has also introduced initiatives like Bitcoin mining powered by geothermal energy and “volcano bonds” backed by Bitcoin.
In addition to its financial investments, El Salvador is launching a comprehensive Bitcoin certification program for 80,000 government employees. Organized by the National Bitcoin Office (ONBTC), this 160-hour training program aims to educate civil servants on the strategic management and public policies related to Bitcoin. The course, delivered by the Higher School of Innovation in Public Administration (ESIAP), includes seven modules covering various aspects of Bitcoin as legal tender. Stacy Herbert, director of ONBTC, believes this initiative will strengthen El Salvador’s Bitcoin-driven economy by ensuring that government officials are well-versed in managing and implementing the nation’s ambitious cryptocurrency policies.
Stablecoin Market Cap Surpasses $168 Billion, Setting New All-Time High
The stablecoin market has reached a new milestone, hitting an all-time high market capitalization of $168 billion after 11 months of consistent growth. This figure surpasses the previous peak of $167 billion set in March 2022. The market had previously declined to $135 billion by the end of 2022, but it has since rebounded strongly. Crypto analyst Patrick Scott suggests this surge indicates new money is flowing into the crypto space, although he refrained from pinpointing a specific cause.
Tether (USDT) has been the dominant force in this resurgence, growing from a market cap of $91.69 billion at the start of 2024 to over $117 billion by August. Circle’s USD Coin (USDC) has also seen gains, reaching a market cap of over $34 billion, though it remains below its all-time high of $55.8 billion from June 2022.
Buenos Aires High Schools Introduce Ethereum Education Amid Rising Crypto Adoption
Argentina’s Ministry of Education has partnered with the ETH Kipu Foundation to integrate Ethereum and blockchain technology into the high school curriculum in Buenos Aires. Starting August 27, students will be offered hands-on experience through blockchain internships, as well as an online Solidity course to train 500 students in developing decentralized applications (DApps). ETH Kipu is also preparing 30 instructors to provide this specialized training. This initiative aims to equip students with the tools to participate in the global blockchain movement and open up new career opportunities in the rapidly growing field of blockchain technology.
The move comes as Argentina experiences soaring inflation, driving citizens to adopt digital assets as a hedge against currency devaluation. With an annual inflation rate of 276%, Argentina has become a leader in cryptocurrency adoption in the Western Hemisphere. The partnership with ETH Kipu and the inclusion of Ethereum in the education system reflects the country’s broader embrace of blockchain technology to prepare its youth for the future while responding to economic challenges.
