El Salvador is the first country in the world to adopt Bitcoin as its official currency. It has only been a few days since we informed you that El Salvador wants to accept Bitcoin as the country’s official currency. Only a few days have passed since then, and we have already officially confirmed this, as this law was approved by the deputies after it was sent to Congress by President Nayib Bukele. We can therefore conclude that the price of Bitcoin has rebounded from USD 31 000 to the current USD 38 000 thanks to this news.
This is great news for the crypto-industry as such, but only time will tell whether this decision was the right one for this country. Bitcoin and all other altcoins are known to have enormous volatility, respectively. Their price fluctuates significantly. It is not unusual when the value of a given cryptocurrency falls by several tens of percent within a few hours.
Of course, the US dollar remains the official currency for this country, and Bitcoin is considered the so-called instrument to increase financial inclusion. However, the state has committed itself to assist with the necessary training and mechanisms, as all residents must have access to BTC transactions. It is also interesting to see how Bitcoin is recognized as the official currency in one country and in others they ban crypto trading.