El Salvador becomes the first country to adopt Bitcoin as legal tender on Tuesday (07) yet argument rises on opportunities and threats.
President of El Salvador Nayib Bukele tweeted that the country is holding in total of 550 Bitcoins after adding another 150 coins today (07).
It appears the discount is ending ?— Nayib Bukele ?? (@nayibbukele) September 7, 2021
Thanks for the dip @IMFNews. We saved a million in printed paper.
El Salvador now holds 550 bitcoin.#BitcoinDay #BTC ??
However Bitcoin is now a legal tender alongside the U.S dollar, people and businesses required to adopt the digital coins as payment method.
The people are expected to download the “Chivo Wallet,” an application created by the government that gives away $30 (£22) in Bitcoin to every citizen as promotion.
Bitcoin has recovered some following a dramatic crash earlier this year, but it remains well below its record high of nearly $65,000 set in April. The price was around $47,000 on Tuesday, down 9.1% in the past 24 hours.
Managing director of the IMF, recently made a statement “How do we know what we collect in taxes when bitcoin goes up and bitcoin goes down? How do we plan for expenditures?
He added as the coin fluctuates highly, Remember in April, bitcoin crossed $65,000 and then it dropped almost half of it and it is not an easy one to undergo.
El Salvador’s government is betting that using bitcoin as legal tender will attract new investments.
Among El Salvadorians some welcomes this move and take it as an opportunity and some others see this as threat, the battle goes on among subjects but it’s government already obligated the people into digital currency. (World Broadcasting)