While the whole world is intensifying its operation against cryptocurrency, El Salvador comes forward to save the drowning market. The price of bitcoin stabilizes and El Salvador can become a new hideout for cryptocurrency.
After Donald Trump’s, Elon Musk’s, and china’s FUD the whole crypto market saw a downtrend and almost collapsed. Billions of dollars were liquidated in this period. Bitcoin’s price almost halved in 15 days. Finally, some good news for the crypto market. The president of El Salvador said that the “bitcoin law” will be in effect on September 7, 2021.
El Salvador will be the first country to accept bitcoin as payment. The President of El Salvador announced that the cryptocurrency will get legal tender by September 7, 2021. Bitcoin’s price rose 5% after the announcement of president Nayib Bukele. The adult of Salvador will receive 30$ dollars in bitcoin if they get themselves register on a government crypto application.
Volcanic energy will be used to mine bitcoin to avoid its environmental effects. Bitcoin will be accepted as payment throughout the country. The president added that the use of bitcoin will be optional and people can choose to get dollars as their pension and salaries.
Necessary infrastructure will be implemented throughout the country. Athena, a Chicago-based company, has announced its plan to implement a thousand ATMs across the country for the sale and purchase of bitcoin.
El Salvador is taking an ambitious step. If everything goes well it can become a new hideout for bitcoin.