Amid Plans To Adopt BTC As Legal Tender, El Salvador President Says Bitcoin Will Improve Lives of Millions

Amid Plans To Adopt BTC As Legal Tender, El Salvador President Says Bitcoin Will Improve Lives of Millions


El Salvador is poised to become the world’s first sovereign nation to embrace Bitcoin (BTC) as legal tender. 

In a video broadcast at the Bitcoin 2021 Conference, El Salvador President Nayib Bukele unveils his plans to introduce legislation that will recognize Bitcoin as a legally accepted currency in the country alongside the US dollar. 

 

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“Next week, I will send to Congress a bill that will make Bitcoin legal tender in El Salvador. In the short term this will generate jobs and help provide financial inclusion.”

According to Bukele, making Bitcoin a legal tender could have an immense impact on El Salvador’s economy.

“Bitcoin has a market cap of $680 billion dollars. If 1% of it is invested in El Salvador, that would increase our GDP (gross domestic product) by 25%.

On the other side, Bitcoin will have 10 million potential new users and the fastest growing way to transfer $6 billion a year in remittances.”

Of that $6

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