Nayib Bukele, President of El Salvador, stated that 400 Bitcoins have been purchased by his government to celebrate the legality of Bitcoin today, Tuesday September 7, 2021. Bitcoin prices soared to $52,000
Bukele says that the amount of Bitcoin purchased on Monday, September 6, 2021 was that much. It was initially 200 BTC. Then it increased to 200 BTC. According to Reuters, El Salvador currently holds 400 BTC in Bitcoin.
The local parliament approved Bitcoin law yesterday as a legal tender.
According to the president of 40 years, Bitcoin will reduce the cost of sending El Salvadorans to El Salvador.
Bukele said : Bitcoin in El Salvador Not Required
Although Bitcoin use is not required, El Salvadorans are sceptical about using it. They are wary of volatility in prices, which some critics claim can raise regulatory and financial risk for financial institutions.
“Residents can now download the application and receive Bitcoin payments or gift vouchers starting September 7. Nayib Bukele stated that citizens are free to use or refuse the application if they wish.
Many veterans and retired people took to the streets a long time ago. They protested and refused to accept Bitcoin as their pensions.
According to an opinion poll conducted by local businesses, the results were similar. They are skeptical that it is possible to pay employees salaries with Bitcoin. They rejected this obligation and demanded that clearer regulations be established.
This demand was immediately met by the Bukele Government, who stated that they would reconsider the issue of employees being paid using Bitcoin.
El Salvador has two legal currencies for payment: the US Dollar since 2001, and the Bitcoin effective today, September 7, 2021.
This Latin American country was the first to adopt Bitcoin as a legal currency and is now equal to the US dollar.
Bitcoin price continues to rise
At the time of the announcement, Bitcoin prices continued to climb, continuing the gains made since July 20, 2021 yesterday.
Standing at $52k, This puts you in a great position to break the $60K per Bitcoin psychological zone. Yesterday’s record high was $64,400, which was set on April 14, 2021.
Bloomberg Intelligence Senior Analysts project that Bitcoin will reach $100K per BTC in the next year. ETH will then rise to $5K. The price of ETH recently reached a critical level at $4K.