The president of El Salvador, Nayib Bukele, has announced that the government will airdrop $30 worth of Bitcoin (BTC) to every adult citizen of the country.
The announcement indicates a shrink in the supply of Bitcoin as investors speculate that the Salvadorian government will need to purchase the Bitcoin it intends to distribute. According to Willy Woo, an on-chain analysis expert, the total adult population of El Salvador is around 4.5 million. Although the exact figures are hard to find, Statista, in 2019, said the population aged 15 and above was 4.72 million.
Using Willy Woo’s estimation, the government will be looking to purchase over $130 million worth of Bitcoin to fulfil its promise to the people.
This $130 million in Bitcoin, to be acquired by the government, will add to the buying pressure on the market which will ultimately push the price upward.
Local publication, Prensa Latina, notes that Salvadorians will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.
The news was announced during a June 25 press conference, with President Nayib Bukele stating the government’s “wallet app will even work anywhere with a cell connection, and you won’t have to have a cell plan for the app.”
President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7, 2021.
El Salvador’s Bitcoin law was passed roughly two weeks ago. While the move has been praised by the global crypto community, the legislation has faced opposition from a minority political party and the World Bank but individuals like Michael Saylor and Jack Dorsey have praised the move as a step forward into the future.
What this means for Bitcoin
Although Bitcoin has been facing tremendous selling pressure as a result of China’s regulatory crackdown on the asset class, which caused it to fall below $30,000 in the week. The flagship cryptocurrency has been putting up a fightback as its current price is trading at $33,800, up 1.53% for the day, as of the time of writing this report.
This news will also ease investors worry concerning shrinking demand for the cryptocurrency and may spur up a new bull run.
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