BTC price rises due to Salvador’s legal tender adoption plan

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TL;DR Breakdown • The El Salvador government will launch the BTC purchase project on September 7.• Nayib Bukele creates a BTC wallet that will grant $30 in Bitcoin to each person who signs up. El Salvador appears to be at the center of the latest bullish movements that have shaken the cryptocurrency market. The country … Read more

TL;DR Breakdown

• The El Salvador government will launch the BTC purchase project on September 7.
• Nayib Bukele creates a BTC wallet that will grant $30 in Bitcoin to each person who signs up.

El Salvador appears to be at the center of the latest bullish movements that have shaken the cryptocurrency market. The country in Central America, led by Nayib Bukele, has been encouraged to activate the BTC adoption plan to make its course legal.

This massive adoption project is scheduled for Tuesday, the 7th of September. A lot of crypto fans and lovers have vowed to buy $30 of BTC on this day to show support and solidarity with the people of El Salvador.

El Salvador attracts new Latin American investors

BTC

The El Salvador government has long talked about cryptos and how vital their use is. Many people and neighboring countries doubted that Nayib Bukele would embrace cryptocurrencies. But with the latest statements, the crypto plan for Salvadorans will be a reality.

Bitcoin belongs to decentralized currencies not tied to a government, let alone any of the central banks. These Bitcoin networks allow users to send or receive money nationally and internationally without using an entity or organization as an intermediary. Bitcoin is the main cryptocurrency in the virtual market, it was launched in 2008, and since then, it has been an important part of the financial market.

According to statements by businessman Alex Gladstein, everything points to other Spanish-speaking countries adopting cryptocurrencies after the announcements of El Salvador.

Gladstein also clarifies that the government intends to give $30 worth of Bitcoin individually on September 7. In this way, the government would show its commitment to the virtual market, and thus, crypto adoption would increase.

El Salvador is one of the most populated countries in the Central American region and is financially more advanced. By order of the Salvadoran president, several Bitcoin ATMs have been installed to convert US dollars to crypto.

Bitcoin support increases in Central America

In August, Finance Secretary Alejandro Zelaya said that the country would promote several crypto wallets for citizens to use. Zelaya stated that interested users could download the wallet and get $30 in Bitcoin by placing their ID.

VP Asia Pacific & Global Expansion chief Vijay Ayyar thinks El Salvador’s crypto plans are challenging but not impossible to achieve.

Although there are less than 24 hours until crypto adoption in the country officially begins, this has not prevented Bitcoin prices from increasing. The leading cryptocurrency is trading at $51,545, up 2.23 percent in 24 hours, according to CoinMarketCap. BTC has risen in value by 7.08 percent in seven days, getting closer to the all-time high reported in May.

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