El Salvador's president has declared that every adult citizen will get $30 worth of Bitcon (BTC) from the government.
Bitcoiners reacted positively to the news, with influencers suggesting that El Salvador's government would need to acquire the requisite BTC to distribute it, putting more than $100 million in purchasing pressure on markets.
Googled estimates of El Salvador's adult population varied, with onchain analyst Willy Woo tweeting that the surge of 4.5 million Salvadorans will increase Bitcoin's global user base by 2.5 percent.
Others estimated the Salvadoran adult population to be as high as 6.5 million (which is actually the total population), with Yahoo Finance anchor Zack Guzman estimating that $195 million worth of Bitcoin will be airdropped over the country.
Exact data are difficult to come by, but according to Statista, the population aged 15 and up in 2019 was 4.72 million.
However, the enthusiasm on crypto Twitter may be a little premature, as local magazine Prensa Latina reports that inhabitants of El Salvador will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.
President Bukele broke the announcement during a press conference on June 25, saying that the government's "wallet app would work anyplace with a phone connection, and you won't have to have a cell plan for the app."
President Bukele also indicated that the country's much-heralded Bitcoin law, which recognises Bitcoin as legal tender throughout the country, will take effect on September 7.
El Salvador passed a Bitcoin law just two weeks ago. While the worldwide crypto community applauded the initiative, it was met with opposition from a minority political party and the World Bank.
Leave a Comment :
We introduce people to the world of currency trading, and provide educational content to help them learn how to become profitable traders. We're also a community of traders that support each other on our daily trading journey.
Trading CFDs on leverage involves significant risk of loss to your capital.
Any opinions, chats, messages, news, research, analyses, prices, or other information contained on this Website are provided as general market information for educational and entertainment purposes only, and do not constitute investment advice. The Website should not be relied upon as a substitute for extensive independent market research before making your actual trading decisions. Opinions, market data, recommendations or any other content is subject to change at any time without notice. DrForexOfficial, will not accept liability for any loss or damage, including without limitation any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
The information on this site and the products and services offered are not intended for distribution to any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. Read our full legal disclaimer.