El Salvador Goes All In on Bitcoin
El Salvador is the first country in the world to make Bitcoin a legal tender, meaning that it is an official currency along with the US dollar. The president of El Salvador, Nayib Bukele, believes that Bitcoin can help his country and his people to improve their economy, access financial services, and save money. He announced his plan at a Bitcoin conference in Miami, and then passed a bill in the Congress of El Salvador. He also worked with a Bitcoin app called Strike to create a government-sponsored digital wallet called Chivo, and gave $30 worth of Bitcoin to every citizen who downloaded the app. He also said that El Salvador would use volcano energy to mine Bitcoin in a green way. The launch of Bitcoin as a legal tender was on September 7, 2021, which was also El Salvador’s independence day. The reaction to this experiment was mixed, with some people supporting it and some people opposing it. Some people had smooth transactions with Bitcoin, and some people had technical problems and network issues. It is too soon to say if this experiment will work or fail, but it is a historic and exciting step for crypto and the world.
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