The President of El Salvador announced that the government will give away 30 USD in Bitcoin to all adult citizens.
During today’s press conference, El Salvador President Bukele said that by downloading the government’s Bitcoin wallet application, every adult citizen will be given 30 USD in Bitcoin.
This Bitcoin is instantly convertible to US dollars. It is estimated that the El Salvador government spent more than 100 million USD to buy Bitcoin for this event.
This announcement immediately excited the people of El Salvador in particular and the community of investors and cryptocurrency trading in general.
Based on estimates on Google, Bitcoin’s global user base will grow by 2.5% if 4.5 million eligible El Salvadorans receive a “surprise gift” from the government, according to analyst Willy. Woo.
Assuming all 4.5m adults in El Salvador take up this offer, it’s roughly a 2.5% overnight boost to #bitcoin‘s global user count. https://t.co/KwkYvb2fEE
— Willy Woo (@woonomic) June 25, 2021
However, data from Yahoo Finance shows that the adult population in this country is up to 6.5 million people. That is, there will be about 195 million USD of Bitcoin distributed across the country.
6 million people added to the crypto ecosystem in one go. 👏 pic.twitter.com/DVoW6vLrAK
— CZ Binance (@cz_binance) June 25, 2021
Besides, the President also announced that Bitcoin will become legal currency nationwide from September 7.
El Salvador’s Bitcoin law was passed about two weeks ago. Although the move was praised by the global crypto community, the domestic opposition political party was strongly opposed. The World Bank also declined a request for help converting Bitcoin into legal currency of El Salvador.
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