It’s official! El Salvador now accepts the use of cryptocurrency as a legal tender. Ahead of the big day, president Nayib Bukele has announced that the country bought 400 Bitcoins to prepare for the adoption.
How much is the Bitcoin worth?
El Salvador transitioned on 7th September 2021. Based on the market prices at the time, the Bitcoin price was slightly above the $51,000 mark. From this baseline, the acquired Bitcoin is worth about $20 million.
These current shakeups in the industry could contribute to a further price jump. It will be interesting to see how Bitcoin performs in the coming days.
Contributors
Walter is a writer from Nairobi, Kenya. He covers the latest news on the cryptocurrency market and blockchain industry. Walter has a decade of experience as a writer.
Walter is a writer from Nairobi, Kenya. He covers the latest news on the cryptocurrency market and blockchain industry. Walter has a decade of experience as a writer.
