El Salvador airdrops $30 Bitcoin to its citizens

A photo of El Salvador’s president, Nayib Bukele, making a presentation
El Salvador’s president, Nayib Bukele

The president of El Salvador, Nayib Bukele, announced at a press release event that the government has decided to airdrop $30 worth of Bitcoin to every adult citizen of El Salvador.

Following the announcement, there have been speculations as to if there will be an issue with the supply and availability of Bitcoin seeing as the government of El Salvador will have to first purchase the Bitcoin that will be given to its citizens.

El Salvador’s adult citizen population is pegged at 4.5 million people therefore, the government will need to purchase $130 million worth of Bitcoin in order to achieve its goal, inevitably causing the price of Bitcoin to increase.

The government of El Salvador is going to be depositing the $30 Bitcoin into the government-approved and personalized cryptocurrency wallets of all its eligible citizens.

President Nayib Buleke went on to state that El Salvador’s Bitcoin Law will be fully operational from September 7th, 2021.

--

--

--

Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Allbridge Staking FAQ

The Wallet Seed Saviors

What Bitcoin Did? And other Great Bitcoin Podcasts

ASHIBTOKEN (THE SHIBA INU 2.0 ON CARDANO)

Fractional Masternodes Increasing in Popularity, Supports Equability Dash Distribution

Announcing Shitcoin Survivors: how we did it and what we learned

Starter V3: Everything You Need to Know

OneRing x Unidex Partnership

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store
Business Stance

Business Stance

Business Stance is dedicated to ensuring that every Nigerian comfortably stays one step ahead with an in-depth view of the global financial markets.

More from Medium

Why Billionaire Investor Bill Miller Is Betting Big on Bitcoin In 2022

Why Billionaire Investor Bill Miller Is Betting Big on Bitcoin In 2022

Will the latest mutation of the virus cause panic in the market, or even affect the bull?

A Brief History of Modern Crypto Markets

Binance vs Coinbase vs Kraken: Which Crypto Exchange is The Best?