El Salvador Recognizes Bitcoin as Legal Currency; Genesis Coin Inc Acquired by Bitstop

On January 24, 2023, El Salvador made a bold move by officially recognizing Bitcoin as a legal currency within its geographical boundaries.^[0] This move has been welcomed by the crypto community, but has been met with criticism by traditional monetary policymakers and economists. These skeptics predict that without an agreement with the International Monetary Fund (IMF), El Salvador will not be able to pay its debt due to the falling Bitcoin price.^[1]

Nevertheless, Bitcoin has been making strides in the world of finance and investing. Recently, Genesis Coin Inc, the first and largest Bitcoin ATM software platform worldwide, announced that they have been acquired by early Bitcoin ATM pioneers Andrew Barnard and Doug Carrillo. Through the acquisition, Genesis Coin and Bitstop, the first and largest private-label Bitcoin ATM platform based in Miami, FL, will form a powerful combination that will lead the way for continued growth and innovation in the Bitcoin ATM industry.

Genesis Coin Inc’s technology powers approximately 35% of global Bitcoin ATM transactions, and the company and Bitstop together represent over 75+ operators operating 12,000+ Bitcoin ATMs in the United States and international markets.^[2] Andrew Barnard will become the Chief Executive Officer and Doug Carrillo will be the Chief Strategy Officer as part of the acquisition. Both will also join the Board of Directors of Genesis Coin.^[3]

In addition, the company is making plans to introduce exciting new products and services this year.^[3] Andrew Barnard and Doug Carrillo have also stated their commitment to providing Genesis Coin with the resources it needs to pave the way for continued growth and innovation in the Bitcoin ATM industry.^[3]

It is clear that Bitcoin is making its way into the mainstream as more companies and countries accept it as a legal currency. With the acquisition of Genesis Coin Inc by Bitstop and the plans to introduce new products and services, the Bitcoin ATM industry is sure to evolve even further in the coming years.

0. “El Salvador President Calls Out Legacy News Agencies that …” thecryptobasic.com, 24 Jan. 2023, https://thecryptobasic.com/2023/01/24/el-salvador-president-calls-out-legacy-news-agencies-that-criticized-his-bitcoin-decision/

1. “El Salvador now debt-free thanks to Bitcoin! – Coinpri” coinpri.com, 24 Jan. 2023, https://coinpri.com/news/bitcoin/el-salvador-now-debt-free-thanks-to-bitcoin/

2. “Bitstop Founders Acquire Largest Bitcoin ATM Software Platform …” www.btctimes.com, 24 Jan. 2023, https://www.btctimes.com/news/bitstop-founders-acquire-largest-bitcoin-atm-software-platform

3. “Genesis Coin Inc, Powering 35% of Global Bitcoin ATM …” www.finanznachrichten.de, 24 Jan. 2023, https://www.finanznachrichten.de/nachrichten-2023-01/58134956-genesis-coin-inc-powering-35-of-global-bitcoin-atm-transactions-acquired-by-bitstop-founders-015.htm