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With El Salvador’s Legal Tender Plans in Sight, Will Bitcoin Break $60K?

With El Salvador’s Legal Tender Plans in Sight, Will Bitcoin Break $60K?
  • Bitcoin has been going back and forth between $49K and $50K.
  • On Friday, the coin saw its 3-month high of $50,680.
  • El Salvador is set to adopt Bitcoin on September 7, 2021.

Bitcoin’s having a fun time, playing with investors’ and altcoin holders’ hearts as it sways back and forth between $49,000 and $50,000. Settled at $50,233 at news time, the entire crypto-verse, especially altcoins, are looking at it with bated breath and asking, where to next?

This tweet by crypto tweeter Dan Held correctly summarizes the thoughts of most in the crypto market right now. Having long been the bringer and leader of bull and bear markets, recent days have seen Bitcoin decouple in trend from other altcoins. At the same time, however, altcoins and altcoin supporters are very much interested to see where the coin is going. Hint: this is not because the coin is going down.

El Salvador Calls the Bulls

Over the past week, Bitcoin has grown by 3.67%. In fact, September 3 saw the top crypto reach its 3-month high of $50,680, as per CoinMarketCap. Now, there seem to be some really good chances of it going even higher to $60,000. This is because its big day is finally here. On September 7, 2021, the first country to ever make cryptocurrency into legal tender, will adopt Bitcoin.

Most believe that this event is bound to take the coin’s value higher. The government in El Salvador went a step even further to promote the cryptocurrency’s use by giving $30 worth of free bitcoins to citizens signing up for its digital wallet, known as “Chivo”, or “cool” in English. Along with this, they have also announced that foreigners who invest three bitcoins in the country, about $150,000 at the moment, will be given residency.

Closeby country Panama is also considering following El Salvador’s lead. In this case, it seems likely that Bitcoin will break $60,000 this week.

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Lisa is excited about all things tech. She devotedly follows blockchain and crypto updates, sharing her passion through writing about it. She is a regular contributor for cryptocurrency news and articles.