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El Salvador Moves In The Adoption of Bitcoin As A Legal Tender

El Salvador Moves In The Adoption of Bitcoin As A Legal Tender

The Republic of El Salvador in Central America has bought 400 bitcoin worth $20.9 million as it plans to adopt the cryptocurrency as its legal tender.

This new development also comes with the government creating their own bitcoin wallet ‘Chivo’ and also the installation of 200 bitcoin ATMs around the country that can be used to exchange the cryptocurrency for US dollars.

With the recent tweet from the government indicating the first purchase of 200 bitcoin early this morning, the price of bitcoin has increased.

However, seventy percent of Salvadorans do not agree with President Nayib Bukele’s plan as they say the cryptocurrency is too volatile and unpredictable while others see this as a positive move in putting the country on the road to more secure finance.

Investors and analysts wait and see what this new development will cause to bitcoin and El Salvador.

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