Big news for El Salvador’s residents the president Nayib Bukele announced the official acceptance of Bitcoin as a legal tender in the country. Now El Salvador became the world’s first country to adopt bitcoin as a legal tender on September 7, 2021.
The local resident of the country is also calling this day a “B-day”. Now people can buy daily need items and pay their taxes in BTC in El Salvador. All banks and businesses of the country now accept Bitcoin in addition to USD as a legal currency.
The critics of president Nayib Bukele is also saying that he is putting the country’s financial system at grave risk.
The impact of this announcement was clearly seen in the form of a sudden market crash. After the announcement, Bitcoin crashed by more than 10% in 8 hours volume. The prices of Altcoins also dropped as a free-fall.
People Were Expecting the Bitcoin Price Pump
Before this announcement, the crypto analysts and social media influencers were predicting the Bitcoin pump on this day. A group on Reddit with 3 million people was also influencing people to buy $30 Bitcoin at the same time on this day to celebrate a B-Day in support of president Nayib Bukele.
But the Bitcoin pump did not happen and it got down opposite to the expectations of Bitcoin analysts.
Whether or not the $30 BTC purchase has happened on this day, but Bitcoin’s price is got down and it proved the cryptocurrency is highly volatile and the artificially inflated rate would likely not have been sustainable.
Overall the decision of El Salvador is praised by all Bitcoin lovers across the globe. And we hope other countries will also accept Bitcoin in the future. We will remember the day of 7th September 2021 as Bitcoin Day.
I am Pawan Kashyap currently living in Amritsar. I always try to grab new things from the cryptocurrency market. From my observations and trends in the market, I always try to provide the best and accurate information in the form of articles from this blog. Follow us on Facebook, Instagram, and Twitter to join us.