Cryptocurrency

El Salvador to Give $30 Bitcoin to Each Citizen

El Salvador to Give $30 Bitcoin to Each Citizen

El Salvador to Give $30 Bitcoin to Each Citizen

  • El Salvador’s President Nayib Bukele has announced that the government will airdrop $30 in Bitcoin to every adult citizen of the country.
  • The country is expected to purchase $135 million worth of BTC for its adult 4.5 million citizens which will lead to a shrink in the supply of the coin.
  • The latest announcement comes after the Central American country announced the legalization of Bitcoin as its legal tender

It’s a good day for El Salvadorians after president Nayib Bukele announced that each adult citizen will receive $30 worth of Bitcoin.

Bitcoin

The announcement has caused many to anticipate a scarcity in the supply of Bitcoin since the government will need to purchase the coins that will be given out.

The estimated adult population of El Salvador stands at 4.5 million, which means that $135 million worth of BTC will be required for the government to make good on its promise.

It is expected that the buying pressure from the purchase of $135 million worth of Bitcoin will drive the price of the cryptocurrency up.

Local newspaper Prensa Latina also announced that citizens will only receive the coins after downloading the crypto wallet application issued by the government.

During the announcement, President Nayib Bukele claimed that the wallet application being developed will work from anywhere in the world and it doesn’t require mobile data to function.

While speaking he reiterated that the use of Bitcoin as a legal tender in the central American country will take effect from September 7, 2021.

El Salvador was praised two weeks ago after it signed into law the use of Bitcoin as a legal tender in the country.

El Salvador

This means that citizens will be able to carry out transactions using the flagship cryptocurrency in the country.

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