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.

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