• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Cryptos

Bitcoin takes off as El Salvador adopts it as legal tender

Olumide Adesina by Olumide Adesina
September 7, 2021
in Cryptos, Markets, Spotlight
El Salvador

President Nayib Bukele of El Salvador

Share on FacebookShare on TwitterShare on Linkedin

On Tuesday, the crypto market continued testing new support levels after a rally overnight pushed prices over $52,000 as the tiny Latin American nation adopted bitcoin as legal tender, maintaining its bullish momentum.

As El Salvador becomes the first country in its 12-year history to accept bitcoin as legal tender on Tuesday, bitcoin is experiencing the biggest test in its 12-year history.

Both enthusiasts and detractors of crypto will be monitoring the experiment to see if a significant number of people want to transact with Bitcoin when it circulates alongside the U.S. dollar, and whether it brings any benefits to the violent, impoverished Central American nation.

RelatedStories

Bitcoin

Hawkish Fed, Israel–Iran conflict cage Bitcoin

June 19, 2025
Bitcoin is now a ‘safe-haven coin’ of the crypto market, Octa broker says 

Bitcoin is now a ‘safe-haven coin’ of the crypto market, Octa broker says 

May 29, 2025

Currently, the market value of approximately 400 bitcoins purchased by the country is about $20 million. Following the purchase of the first batch of 200, President Nayib Bukele stated via Twitter that “a lot more” will be purchased.

It is likely that other countries will follow El Salvador’s example if the experiment is successful. Chivo, the government’s Bitcoin wallet, will provide an initial boost to adoption by allowing users to purchase $30 worth of the currency per registration with a Salvadoran national ID number.

In addition to Bitcoin ATMs, the country’s government has installed 200 machines where U.S. dollars can be exchanged for Bitcoins. Bandesal, owned by the State Bank of El Salvador, created a $150 million fund to support the transactions.

Public accounting will continue to use the U.S dollar, and traders unable to receive e-currencies will be exempted from the law, the government says.

The International Monetary Fund has warned that using bitcoin may be dangerous since it lost nearly half its value between April and May. World Bank declined the request by El Salvador to help the government adopt it, citing environmental and transparency drawbacks. El Salvador’s dollar bonds were also hit by the bitcoin news, though they have since pared losses.

Tags: BitcoinEl Salvador
Olumide Adesina

Olumide Adesina

Olumide Adesina is a financial market writer, analyst and investment trader. Message Olumide on Twitter @Olumidecapital

Related Posts

Bitcoin
Cryptos

Hawkish Fed, Israel–Iran conflict cage Bitcoin

June 19, 2025
Bitcoin is now a ‘safe-haven coin’ of the crypto market, Octa broker says 
Companies

Bitcoin is now a ‘safe-haven coin’ of the crypto market, Octa broker says 

May 29, 2025
What does liquidity mean in crypto? 
Opinions

What does liquidity mean in crypto? 

May 23, 2025
ETFs, Crypto Market
Cryptos

Bitcoin surges past $104K as markets react to US-China trade progress 

May 11, 2025
Bitcoin investors record losses of over $7 billion in recent market sell-off
Breaking News

Bitcoin reclaims $100K for the first time in three months 

May 8, 2025
Bitcoin
Cryptos

Bitcoin surges past $97,000 amid China’s $138 billion stimulus 

May 7, 2025
Next Post
OFFICIAL: El Salvador Becomes First Country to Adopt Bitcoin as a Legal Tender

The journey to El-Salvador's 'Bitcoin Law'

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank
Zenth Bank








DUNS

Recent News

  • ‘Nigeria has become a crime scene’: Obi slams NNPCL over alleged N210 trillion scandal 
  • FG seek investments in ports, digital platforms to aid cross-border businesses across West Africa 
  • SOFTSWISS offers the key to responsible gambling as Nigeria’s digital betting market surges 

Follow us on social media:

Recent News

Peter Obi, Ukrain

‘Nigeria has become a crime scene’: Obi slams NNPCL over alleged N210 trillion scandal 

June 20, 2025
FG seek investments in ports, digital platforms to aid cross-border businesses across West Africa 

FG seek investments in ports, digital platforms to aid cross-border businesses across West Africa 

June 20, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics