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Investro Tea: Week #36

Bitcoin has officially become a legal tender in Salvador. This country now also holds approximately 550 BTC. Lets have a look at this news as well as other news from the markets with our traditional Investro Tea.

Dealing with pandemic

Economists from Goldman Sachs have lowered their predictions for the growth in USA from 6 % to 5.7 %. They argue that the American consumers should be expecting a delta variant of Covid-19, which can make the road to”beating the pandemic” harder. In combination with lowering fiscal stimulus, this might not have the best impact on the average Joe. The decrease in the prediction is not severe, yet it shows that dealing with the pandemic will not be as fast as was believed at the beginning. You can learn more about this topic here .

A slight drawback can be also seen within airlines and hotels. It is expected that the ongoing business trips of entrepreneurs and businessmen will restart soon, yet many companies have been forced to stop the business trips due to Covid-19. For instance, Delta Airline said that during the summer they were able to reach only 40 % of their pre-pandemic travelling capacities.

These findings were also supported by a research of Morning Consult, where more than 60% of respondents stated that they are currently postponing or cancelling their business trips. And there is more of these “small bumps.” For instance, Ryanair the biggest non-US client of Boeing has just withdrawn from a new possible order for 737 MAX. If you are more interesting in seeing, where can the Covid-19 pandemic be still witnessed within the airlines or hospitality industries, feel free to follow this article .

Crypto news

As we mentioned in the intro, Bitcoin has officially become a legal tender in El Salvador, which is now the first country with a cryptocurrency as a legal tender. Only three months ago, the Bitcoin Law was officially passed by the government and then signed by the president Nayib Bukele. Moreover, he has recently also informed the public that El Salvador now holds about 550 BTC, which were bought in series of purchases in the past couple of days.

Tweet of Nayib Bukele Tweet of Nayib Bukele, Source: Twitter

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