Published On: Tue, Sep 7th, 2021

Bitcoin’s price SOARS as crypto to become legal tender in El Salvador – mass buying calls | City & Business | Finance

El Salvador’s Bitcoin law came into force today following President Nayib Bukele’s announcement in June that stunned financial institutions around the world. El Salvador’s President announced that his administration had purchased 400 , worth around $20million. On Monday President Bukele said: “We now hold 400 Bitcoin”.

El Salvador’s central banks need the Bitcoin purchases to operate the government’s ‘Chivo’ digital wallet that will contain $30 of BTC for each citizen.

Bitcoin temporarily climbed above 1.49 percent to more than $52,680 on Monday evening ahead of the Salvadoran legal tender law implementation.

Currently, the Bitcoin price sits at $51,298, representing an approximate 8 percent rise in the last seven days.

Two recent polls conducted in July and August show Salvadorans are sceptical about using Bitcoin.

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Many citizens say they do not know how to use the digital coin and are suspicious that it could be used for money laundering.

The news comes as a Reddit group, comprising more than 3.3million members, has seen calls for a coordinated purchase of Bitcoin.

There are demands within the Reddit group for members to make their purchase today on the same day as El Salvador’s Bitcoin law comes into effect.

One Reddit group is entitled, “So… we all buying $30 worth of Bitcoin on Tuesday?”

The moderator of the group celebrated the move, adding: “El Salvador will have the crypto launch at 3pm. This is an important time in Bitcoin.

“Let’s show El Salvador, for those who are on the fence about it still, that Bitcoin has value for them, and for everyone, Bitcoin is meaningful.”

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