Bitcoin hovers below $40,000 as World Bank rejects El Salvador request

Bitcoin enthusiasts at El Zonte Beach in Chiltiupan, El Salvador. Photo: Jose Cabezas/Reuters

Bitcoin enthusiasts at El Zonte Beach in Chiltiupan, El Salvador. Photo: Jose Cabezas/Reuters

The price of bitcoin (BTC-USD) hovered just below $40,000 (£28,633) on Thursday as the World Bank rejected a request from El Salvador to help with the implementation of the cryptocurrency as a legal tender.

The bank said it could not assist El Salvador’s implementation of bitcoin due to the environmental impact of bitcoin mining, and transparency drawbacks. It comes as research from the Financial…


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