President of El Salvador announces plans to make bitcoin legal tender in the country.

Nayib Bukele, President of El Salvador, announced plans to make Bitcoin legal tender in the Central American country.

The world’s leading cryptocurrency bitcoin received support from Nayib Bukele, President of El Salvador, recently after he announced plans to make Bitcoin legal tender in the Central American country. The 39-year-old President highlighted the importance of Bitcoin for El Salvador’s economic growth. Bukele mentioned that he is planning to send a bill to Congress next week in an effort to adopt the world’s most valuable cryptocurrency, bitcoin, as legal tender.

 

El Salvador’s President wants to use bitcoin to target economic growth.

“Bitcoin has a market cap of $680 billion. If 1% of it is invested in El Salvador, that will increase our GDP by 25%. On the other side, the cryptocurrency will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances. Besides, a big chunk of those 6 billion dollars is lost to intermediaries. By using BTC, the amount received by more than a million low-income families will increase by the equivalent of billions of dollars every year. This will improve lives and the future of millions,” President mentioned on Twitter.

 

Bitcoin continues to get mainstream exposure despite regulatory issues. 

This year has seen the adoption of Bitcoin increase rapidly. Leading organizations worldwide started accepting Bitcoin as a payment method and added the cryptocurrency to their balance sheets. Chinese tech firm Meitu recently announced that the company is holding more than $100 million worth of cryptocurrency assets, including BTC and Ethereum. MicroStrategy, a leading business intelligence firm, now has more than 92,000 BTC. The growth in bitcoin is accompanied by increasing regulatory concerns over the crypto industry. Financial regulators worldwide have all expressed concern over bitcoin. Recently, bitcoin has been getting a lot of flak for its massive energy consumption as well. However, El Salvador’s President’s remarks on bitcoin have set a positive tone. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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