El Salvador officially announces Bitcoin as legal currency, Bitcoin price jumps up

El Salvador has officially announced Bitcoin as a legal tender in the country after a vote in Congress. As per Bitcoin Magazine on Twitter, El Salvador has officially adopted Bitcoin as a legal tender, passing the vote with a supermajority. The El Salvador President Nayib Bukele was part of a Twitter live spaces called, 'Salvador Bill analysis', where he discussed his future plans about Bitcoin. The El Salvador president himself put out a tweet announcing that his Bitcoin legal tender motion has been passed. This has major implications for the future of Bitcoin and cryptocurrencies around the world. Read on to know more about El Salvador making Bitcoin legal tender. 

El Salvador announces Bitcoin as Legal Tender 

As news about the Bitcoin being accepted as an official El Salvador currency broke out, the price of Bitcoin jumped up by around 3 per cent. The news was officially announced by El Salvador President Nayib Bukele on his Twitter account where he announced that the 'Bitcoin Law' has been officially approved by a supermajority. This is the first time in history that a country has accepted Bitcoin as a legal tender.

The Twitter account 'Documenting Bitcoin', has released a lot of interesting information about El Salvador's Bitcoin decision. According to them, El Salvador President is planning to set up Bitcoin mining infrastructure using the energy from a volcano. The 'Documenting Bitcoin' account has also made a tweet announcing that El Salvador's government is going to work with Jack Mallers to create a free Bitcoin wallet for all the citizens of El Salvador. 

El Salvador President also announced during his brief appearance at the Twitter spaces meeting that El Salvador is going to buy up $150 million dollars worth of Bitcoin reserves to exchange with their citizens to promote the use of Bitcoin as legal tender. This positive news about Bitcoin comes in the middle of a confusing time for Bitcoin as a lot of negative news over the past few weeks has pushed down the price of Bitcoin to $30k levels. The big news about Bitcoin being accepted as legal tender could very well boost the price of Bitcoin in the near future. From the time of the announcement, the price of Bitcoin has already jumped up from today's lowest price. The coming months will tell how El Salvador's decision will have an impact on the crypto world. Stay tuned for more updates on cryptocurrencies and the crypto market. 

IMAGE: NAYIB BUKELE TWITTER AND SHUTTERSTOCK