• El Salvador purchases its first 200 Bitcoins per day before its Bitcoin Law goes into effect

  • El Salvador President Nayib Bukele announced on Twitter on Monday that his government had purchased 200 BTC, a day before the country’s Bitcoin Law, which will make the cryptocurrency legal tender in the Central American country, goes into effect.

    “El Salvador just purchased its first 200 coins,” he wrote. “As the deadline approaches, our brokers will buy a lot more. #BTC #BitcoinDay”

    At the time of publication, bitcoin was trading at $51,883.07, up 1.84 percent in the previous 24 hours.

    Prior to Bukele’s tweet, there had been a growing number of users on social media platforms such as Twitter and Reddit calling for people to buy small amounts of Bitcoin in support of El Salvador’s plan to make bitcoin legal tender, according to Bloomberg, as many investors believe the news will boost the price of the oldest cryptocurrency.

    Bukele announced in June that the Bitcoin Law would go into effect on September 7. His government will use the Chivo e-wallet, which will come pre-loaded with $30 in bitcoin for anyone who downloads it.

    El Salvador’s government has also been working on infrastructure to support the new Bitcoin Law, including the establishment of a $150 million bitcoin trust to facilitate bitcoin-to-US-dollar exchanges in the country.

    The bill was approved by a supermajority in El Salvador’s legislature, with 62 members voting in favor, 19 opposed, and three abstaining.

    In contrast to the original law, Bukele confirmed on August 23 that the use of bitcoin as legal tender will not be mandatory.

    “If someone wants to carry cash, not receive a sign-on bonus, not win over customers who have bitcoin, not grow their business, and not pay commission on remittances, they can do so,” Bukele tweeted at the time.

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