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<ul class="summary-list"><li><keyword id="6359891" type="UNKNOWN" weightage="60" keywordseo="emerging-markets">Emerging markets</keyword> are pioneering digital and <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> currency usage, trading and mining. </li><li>Since <keyword id="68460" type="COUNTRY" weightage="60" keywordseo="El-Salvador">El Salvador</keyword> voted to adopt <keyword id="6354947" type="UNKNOWN" weightage="60" keywordseo="bitcoin">bitcoin</keyword> as legal tender, a slew of politicians have said they want to follow suit. </li><li>Many showed their support through tweets or by adding the symbolic laser eyes to their Twitter pictures.</li></ul>Cryptocurrencies can often stir up concern among conservative investors and few are as conservative as central banks, and regulators are definitely skeptical. But this does not appear to be the case in emerging <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword>. Politicians, central bankers and regulators across the developed world might be a little wary, but those in the emerging world are pushing the boundaries of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-7ff75b98-7fff-e889-4c54-997fb8c3baa3">crypto</a> adoption, by pioneering how digital tokens are used, traded and mined. In fact, they could become crypto's next big frontier, as a slew of politicians from Brazil, and Argentina and even Tonga have publicly stated that they want their countries to follow the example of El Salvador in making cryptocurrencies legal tender. <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-legal-tender-currency-cryptocurrency-2021-6-1030506569">El Salvador's Congress approved a law</a> last week that made the small Central American country the first to accept bitcoin as legal tender, giving it equal status to the US dollar in El Salvador. "Other countries will follow El Salvador's lead for two main reasons, making bitcoin legal tender will attract Bitcoin entrepreneurs and ease the burden of sending money internationally." Edward Moya, senior market analyst at OANDA told Insider. Indeed, since El Salvador's president <a href="https://www.businessinsider.com/el-salvador-seeks-make-bitcoin-legal-tender-first-nation-crypto-2021-6?utm_source=markets&amp;utm_medium=ingestgest">Nayib Bukele first announced the bitcoin bill</a>, a slew of other emerging markets politicians have said that their own countries should follow suit. Paraguayan congressman Carlitos Rejala <a href="https://twitter.com/carlitosrejala/status/1401905833399685123">tweeted</a> "This week we start with an important project to innovate Paraguay in front of the world! The real one to the moon #btc &amp; #paypal". Gabriel Silva, a congressman from Panama <a href="https://twitter.com/gabrielsilva8_7/status/1401965129051389958">said</a> his country could not afford to be left behind and a broader adoption of <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" id="docs-internal-guid-7ff75b98-7fff-e889-4c54-997fb8c3baa3">crypto</a> was necessary for the country to attract technological innovation and entrepreneurship. Brazilian politician <a href="https://twitter.com/gilson__marques/status/1402007277662523392">Gilson Marques</a> and the Argentinian <a href="https://twitter.com/fsancheznqn/status/1402045876386807809">Francisco Sánchez</a> were among those who added laser eyes, a symbol used by bitcoin bulls, to their public profile pictures. Central banks around the world are considering launching their own digital currencies that would be centrally managed and regulated - a key difference to existing cryptocurrencies like bitcoin. The Federal Reserve and European Central Bank are still in the very early stages of looking into a digital currencies, while many emerging-market central banks are making fast progress in the area. "Their use in small-scale trading and remittance transfers from workers abroad are among the main reasons for the popularity of crypto currencies in EM. Central bank digital currencies (<keyword id="6791630" type="UNKNOWN" weightage="60" keywordseo="CBDC">CBDC</keyword>) could also facilitate getting social transfers to the poor and improve transparency of the large informal economy. These channels could be positive for economic growth in EM." a recent Bank of America research note said. The popularity and value of crypto currencies like bitcoin and ether has boomed over the past year. They're both an asset class in their own right, as well as a means of payment for goods and services. Various sports teams like the Dallas Mavericks or Oakland A's for example accept cryptocurrencies as payments for tickets or merchandise. In El Salvador, a whole town was already running on crypto - El Zonte, also known as 'Bitcoin Beach'. Soon the whole country could now be working in similar ways and, if some politicians get their will, other emerging markets countries could as well. El Salvador's decision has however been received cautiously by regulators and politicians in developed markets. Bank of England Governor Andrew Bailey said just this week that <a href="https://markets.businessinsider.com/currencies/news/cryptocurrency-volatility-andrew-bailey-bank-england-governor-bitcoin-boe-2021-6-1030520851">cryptocurrencies are too volatile to be used as a payment form.</a> And the <a href="https://markets.businessinsider.com/currencies/news/el-salvador-bitcoin-btc-world-bank-help-rejected-environment-transparency-2021-6-1030530998">World Bank rejected El Salvador's request to help with the implementation of bitcoin</a> over environmental concerns linked to crypto mining. Further, regulators have shown concern about the use of crypto to fund illicit activities. Bitcoin is already up by 300% in the last 12 months and, if more countries adopt it, it should stand to gain even more, even though regulators are tightening their scrutiny of the market, analysts said. "Bitcoin becoming legal tender in other countries should support the bull case for bitcoin," OANDA's Moya said. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/trading-on-crypto-exchanges-based-outside-of-india-may-get-more-expensive/articleshow/83747213.cms">India is reportedly mulling over a new crypto tax which could make trading on foreign exchanges more expensive</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-exchanges-are-eyeing-more-industry-bodies-to-expand-influence/articleshow/83742929.cms">There’s a new Indian crypto lobby in the making and Zebpay has confirmed its participation</a> <a href="https://www.businessinsider.in/cryptocurrency/news/investments-in-crypto-hit-17-billion-in-the-first-six-months-of-2021/articleshow/83740327.cms">Investments in crypto hit a new record of $17 billion, but Indian funds are yet to jump on the bandwagon</a>

Emerging markets could be the next big frontier for crypto. A slew of politicians want to follow El Salvador and adopt bitcoin as legal tender.

Bitcoin's all over the headlines, but for a very different reason than just a few months ago. Far fewer conversations today are about riding the token to the moon, since it's as close to Earth as it's been since December 2020. I'm Phil Rosen, and it'd be my pleasure to take you on a tour of some of the biggest bitcoin losers on the market right now. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/currencies/bitcoin-crash-el-salvador-finance-minister-fiscal-risk-crypto-bukele-2022-6"></a>1. Bitcoin is weighing on some corporate balance sheets, as the token's precipitous fall these last few days has amounted to some serious losses for well known companies,<a href="https://markets.businessinsider.com/news/currencies/tesla-microstrategy-bitcoin-losses-1-billion-crypto-bet-2022-6"> at least on paper</a>. Take Elon Musk's Tesla for example. According to the most recent filings, the EV-maker owns an estimated 42,000 bitcoins, and it is looking at<a href="https://markets.businessinsider.com/news/currencies/tesla-microstrategy-bitcoin-losses-1-billion-crypto-bet-2022-6"> unrealized losses of nearly $400 million</a>. Or, even more dramatic, consider Microstrategy, which owns 129,219 bitcoin. It has an estimated <a href="https://markets.businessinsider.com/news/currencies/tesla-microstrategy-bitcoin-losses-1-billion-crypto-bet-2022-6">unrealized loss of about $1.1 billion</a>. And El Salvador, which made bitcoin legal tender in September, owns 2,301 bitcoins. Since its first purchase, bitcoin has shed roughly 50% of its value (although the nation's finance minister <a href="https://markets.businessinsider.com/news/currencies/bitcoin-crash-el-salvador-finance-minister-fiscal-risk-crypto-bukele-2022-6">doesn't seem concerned</a>).Crypto's meltdown is a "tail wagging the dog" moment. At least that's how veteran trader <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-crypto-bear-market-selloff-sp500-mark-mobius-2022-6">Mark Mobius</a> described it. He expects the crypto downturn to get worse, and it'll drag stocks lower, too. "Billions of billions of dollars have been put into cryptocurrencies," he told <a href="https://www.youtube.com/watch?v=xyqN4x5imi8&amp;ab_channel=CNBCTelevision">CNBC</a> Tuesday. "As you can see, bitcoin goes down, the S&amp;P 500 goes down. <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-crypto-bear-market-selloff-sp500-mark-mobius-2022-6">It's a very unusual situation</a>."As if the above weren't concerning enough, the Bank of England governor <a href="https://markets.businessinsider.com/news/currencies/crypto-investors-lose-money-bank-of-england-boe-bailey-warns-2022-6">dished out a grave warning</a> of his own: "Be prepared to lose all your money."In other news:<a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-investors-fear-stagflation-recession-hawkish-fed-bofa-2022-6"></a><div type="image" title="Grocery shopper" height="3360" width="6720" msid="92229696" hostid="261"></div>2. US stock futures edged higher Wednesday, as investors brace for a crucial Federal Reserve policy decision on interest rates — Aaron Weinman, writer of <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">Insider's 10 Things on Wall Street newsletter</a>, appeared on CBS News to <a href="https://www.cbsnews.com/video/fed-likely-to-hike-interest-rates-amid-soaring-inflation/#x">break down the impact of an interest rate hike</a>. Meanwhile, the euro is soaring after the European Central Bank called a surprise meeting to discuss a meltdown in the bonds of the region's more indebted nations. In the crypto market, bitcoin is trading just above $20,000. <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-fed-rate-hike-inflation-futures-ecb-meeting-2022-6" target="_blank" rel="noopener noreferrer">Here are the latest market moves.</a>3. On the docket: LAIX Inc, John Wiley &amp; Sons, and Naas Technology, <a href="https://markets.businessinsider.com/earnings-calendar">all reporting</a>. Also, the Federal Open Market Committee will conclude its two-day meeting today, with the interest rate decision expected at 1 pm ET. 4. Seven crypto influencers opened up about the portfolio wreckage they've suffered in the crash. Hyped token forecasts have turned out wrong so far. <a href="https://www.businessinsider.com/crypto-crash-investing-influencers-market-losses-commentary-responses-2022-6">These investors shared how they are adjusting to their new reality. </a>5. Russia's oil production has jumped 5% in June so far. Average daily production is at a higher rate through the first 13 days of June compared to May. <a href="https://markets.businessinsider.com/news/commodities/russian-oil-output-jumps-june-china-india-buy-cheap-barrels-2022-6">All the while, China and India continue to snap up discounted barrels from the sanctioned nation. </a>6. Leon Cooperman predicted US stocks will plunge 40% in total as the economy crashes into a recession. The billionaire investor said the S&amp;P 500 may have to hit 3,000 before US stocks bounce back — <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-crash-us-recession-leon-cooperman-fed-rates-2022-6">which suggests there's still plenty of room to fall from current levels. </a>7. Over 80% of investors expect stagflation to shock <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> within a year. That's according to Bank of America. As its analysts put it: <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-investors-fear-stagflation-recession-hawkish-fed-bofa-2022-6">"Wall Street sentiment is dire."</a>8. The stock market is tanking but UBS said shares of companies targeting high-income spenders could surge as much as 50%. Rising rates and inflation are dishing out a beating on the market. <a href="https://www.businessinsider.com/stock-market-crash-consumer-buy-strategy-ubs-bear-market-investing-2022-6">But these 38 stocks highlight a corner of the market that could hold upside.</a>9. A financial coach who books $8,000 a month shared how to earn passive income. Lisa Andrea is also a blogger and marketing expert. <a href="https://www.businessinsider.com/how-to-earn-passive-income-affiliate-marketing-google-ads-2022-6">These are 9 ways she pulls in thousands of dollars a month.</a><a href="https://www.businessinsider.com/economic-outlook-americans-feeling-inflation-ignoring-worse-outcomes-great-recession-2022-6"></a><div type="image" title="job losses" height="1040" width="1240" msid="92229697" hostid="261"></div>10. The US endured a decline in employment during the pandemic that was twice as severe as the Great Recession's. But the rebound after COVID has been markedly faster. <a href="https://www.businessinsider.com/economic-outlook-americans-feeling-inflation-ignoring-worse-outcomes-great-recession-2022-6">Nonfarm employment is now just 0.5% below the pre-crisis level.</a>Keep up with the latest markets news throughout your day by checking out <a href="https://link.chtbl.com/therefresh">The Refresh from Insider</a>, a dynamic audio news brief from the Insider newsroom. <a href="https://link.chtbl.com/therefresh">Listen here.</a>Curated by Phil Rosen in New York. (Feedback or tips? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.) Edited by Max Adams (tweet <a href="https://twitter.com/maxradams">@maxradams</a>) in New York and Hallam Bullock (tweet <a href="https://twitter.com/hallam_bullock">@hallam_bullock</a>) in London.

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Emerging markets could be the next big frontier for crypto. A slew of politicians want to follow El Salvador and adopt bitcoin as legal tender.

Sophie Kiderlin

Opening Bell: Everyone's losing on bitcoin

Phil Rosen

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