El Salvador has made history, becoming the first country in the world to officially adopt Bitcoin as legal tender after Congress approved President Nayib Bukele’s bill.
Early Wednesday morning, a supermajority of the El Salvador legislature voted to pass President Nayib Bukele’s proposal to make Bitcoin a legal currency. Of 84 possible votes, 62 lawmakers voted in favor of the bill, while 19 opposed and three did not vote.
The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress.
62 out of 84 votes!
— Nayib Bukele (@nayibbukele) June 9, 2021
Following the announcement, Bitcoin rebounded over 17% from its recent $31,000 low to over $36,500 at time of writing.
Bukele has been an outspoken advocate for Bitcoin since announcing the proposal on Saturday. He hopes that the cryptocurrency will bring financial inclusion, investment, tourism, innovation, and economic development to the nation.
On Tuesday, he tweeted screenshots of the bill just