El Salvador has already bought 400 bitcoin!
El Salvador has already bought 400 bitcoin! El Salvador has already bought 400 bitcoin!

El Salvador is the first country in the world to recognize Bitcoin as legal tender. Despite opposition from local groups, the government believes that the use of the cryptocurrency will prove beneficial to both the society and the economy of the country.

It is from today that Salvadorans will be able to use bitcoin as a full-fledged and universally honored means of payment.

Salvadoran President Nayib Bukele tweeted that his government had bought its first 200 bitcoin (BTC) ahead of the new law to make the cryptocurrency legal tender.

“As the deadline approaches, our brokers will be buying many more,” – Bukele wrote, referring to the timeline for full implementation scheduled just today.

Indeed, it didn’t take long for the president to announce another tranche of BTC purchases amounting to 200 BTC:

The purchases are part of a new $150 million bitcoin fund that was passed last week by El Salvador’s Congress. The fund will be used to facilitate the conversion from BTC to US dollars in preparation for the new law. At current prices, purchases to date are valued at just over $20.4 million.

El Salvador paves the way for bitcoin adoption among countries

In June this year, El Salvador became the first country in the world to recognize BTC as legal tender. Although the decision met

he new strategy has received praise from the community, with critics from the World Bank and the International Monetary Fund warning that it is not a good idea. The national opposition recently protested the introduction of BTC as a legally recognized means of payment in El Salvador

.

Meanwhile, Bank of America recently outlined at least four potential benefits to El Salvador from adopting bitcoin

. In a report published in July, the bank said that adopting BTC could improve remittances, promote financial digitization, provide more consumer choice and open the country to foreign investment.

The new law gives Salvadorans the option to hold digital assets as part of a long-term investment strategy or withdraw them in cash at any of the 200 ATMs installed across the country. The country is also building an infrastructure to support a state-run Bitcoin wallet, dubbed Chivo

. The Chivo wallet will have its own ATM that will allow citizens to withdraw cash 24 hours a day without paying commissions.

Buy BTC for $30 as support for Salvadorans

It is worth recalling that the bitcoin community focused on Reddit is planning to conduct a simultaneous action of buying BTC for $30 as a gesture of solidarity with Salvadorans who are starting their adventure with bitcoin.

By the way, it will be interesting to see if it will have any impact on the BTC/USD exchange rate. Reddit shares are already known for the power that an asset price can be given by a community that is solidified and determined around a given goal (GameStop

). Let us know in the comments what you think about it.

You can find more information about the campaign in the post: Reddit users go shopping: planned action to buy BTC

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