Bitcoin price Rose 5% overnight After El Salvador’s President Nayib Bukele announced that the country will begin accepting cryptocurrency as legal tender on September 7, its citizens will then be eligible for $30 in Bitcoin.
The announcement helped stop the bloodshed of Bitcoin, whose price fell More than 10% After several provinces in China earlier this week Start to close Cryptocurrency mining operations to enforce new government restrictions.
These closures have caused the value of Bitcoin to continue to fall.Cryptocurrency is Each coin is worth more than $64,000 In April, even after Bukele’s announcement, its current trading price was only $32,939.
With the Chinese government becoming more and more strict with Bitcoin, the Salvadoran government accepted it, and its Congress voted for Bukele’s proposal to accept cryptocurrency as legal tender. Early this month.
Booker does not intend to stop there.He also said that he has asked the state-owned LaGeo Power Company to build a Volcano-driven Bitcoin mining business Strive to provide a sustainable, emission-free way to mine cryptocurrency.
However, compared to other crypto-related efforts in El Salvador, the plan to distribute $30 in Bitcoin may be more controversial because it requires people to sign up for a new wallet called Chivo, which relies on facial recognition software.
It is also unclear how the transition from El Salvador to Bitcoin is expected to work.Technically speaking, if it is legal tender, companies will have to accept it, but according to Regional report, Bukele has stated that there will be exceptions to this rule.
But it seems that Buckler — and therefore El Salvador — will continue to support Bitcoin, even if other countries wish to restrict it. This may not be enough to make up for the loss of China, but hey, at least it involves volcanoes.