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El Salvador declares Bitcoin Day

Şükriye Akdeniz

Sep 7, 2021

El Salvador announced that it has purchased 200 Bitcoins worth approximately $21 million

The Central American country, El Salvador, is a country that acts as a bogeyman to other countries with this step that decided to use Bitcoin as legal currency. Announcing that it accepts Bitcoin as legal money with a statement they made in June, the country did not take a step back despite many criticisms and protests against the current situation.
The country's President, Nayib Bukele, who is the main architect behind the Bitcoin law, warned people that several FUDs would emerge, but stressed that they should ignore it.
One day before the last application, El Salvador announced that it had purchased 200 Bitcoins worth approximately $21 million. President Bukele said that they will continue their investments by buying Bitcoin in the future.
El Salvador has declared this historic day “Bitcoin Day”. Looking to the future, people will be able to use Bitcoin for instant payments. Also, around 200 Bitcoin ATMs have been set up across the state to allow people to exchange their Bitcoin for dollars.
El Salvador's acceptance of BTC as a legal currency was not accepted by many different institutions and the public and even criticized. In a survey, it was concluded that 70% of the people of El Salvador are dissatisfied with Bitcoin being a legal currency. President Bukele was compared to a dictator on social media because he ignored the demand of a high percentage of people like 70%. But Bukele continued to ignore all criticism.
While ElSalvador and President Bukele failed to garner support from world establishments and locals, the crypto community enjoyed the full support of the nation from the day it announced its Bitcoin plans. Many in crypto believe that El Salvador's decision is quite bold and will create a domino effect for other financially unstable states to follow suit.

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