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BCH $513.85 (4.27%)
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BNB $352.38 (3.77%)
ADA $2.37 (9.89%)
DOGE $0.20 (3.41%)

El Salvador’s Bitcoin As Legal Tender Plan Starts Now

Bitcoin As Legal Tender Plan Starts Now
  • El Salvador’s Bitcoin legalization plan will go live soon.
  • In honor of this, the country just bought its first 200 BTC.
  • The nation’s President says their brokers will buy more.

As established before, El Salvador is making Bitcoin (BTC) a legal tender in its nation. This will be set in motion from September 7, 2021, onwards. The time has come and El Salvador’s preparations for the special day are almost at its ready-set mark.

The nation’s President — Nayib Bukele, talks about the latest development before the launch day. In detail, he says that El Salvador has just bought its first 200 Bitcoin. This purchase came right on time as the nation approaches the formalization date to legalize Bitcoin as a tender.

Adding on to this news, Bukele says in a tweet, that their brokers will be buying a lot more Bitcoin (BTC) as the deadline approaches.

Besides making Bitcoin a legal tender, the country has also decided to start mining Bitcoin. To add on, El Salvador is taking steps to mine Bitcoin sustainably. It has already begun drawing plans that will have the country mining Bitcoin with the geothermal power of its volcanoes.

The country’s solid efforts have inspired many other nations to make Bitcoin a legal tender as well. Panama and Paraguay are some of these nations. While some analysts believe that these nations will use Bitcoin to hide their corruption, others say this is a revolutionary decision that will free the nation from hegemonic control.

Accordingly, El Salvador’s citizens are already receiving the benefits of making BTC a legal tender. For instance, they are receiving $30 worth of BTC when they download an e-wallet. Also, El Salvador has installed more than 200 Bitcoin ATMs.

Most crypto believers expect El Salvador to gain a lot over the coming days. At the moment, the price of Bitcoin is $52.676.38. On the matter of Bitcoin’s next ATH, most analysts expect it to hit $100,000 by the end of this year. Hence, Bitcoin hodlers are expecting massive gains to come their way soon.     

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