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Bitcoin becomes legal tender in El Salvador

A symbolic move is due for Bitcoin this week — it will become legal tender of a sovereign state for the first time in history.

On Sep. 7, El Salvador will officially begin using Bitcoin as its national currency alongside the U.S. dollar.

Despite heavy warnings and even demands to abort the move from the likes of the International Monetary Fund (IMF) and others, the country’s president, Nayib Bukele, has held firm.

Analysis of whether this can work out for El Salvador from Cointelegraph.

Now, Bitcoin and its adoption will begin a major new experiment.

As El Salvador takes a massive technological jump into the financial future, before any other country, there are bound to be mishaps,” Alex Gladstein, chief strategy officer at the Human Rights Foundation, said in a series of tweets about the topic.

Gladstein cited political moves by Bukele’s government among other problems which make Bitcoin adoption an interesting chapter in the country’s history.

On a personal basis, however, the benefits for any El Salvadorean remain obvious.

For Salvadorans who are open-minded and willing to put in work to understand Bitcoin it could yield enormous fruits,” he added.

Meanwhile, a movement currently gathering steam on social media involves Brazil, where the Bitcoin community plans to each buy $30 of BTC in support of the law.

El Salavdor’s government passed a motion to create a $150 million Bitcoin fund last week.

Here’s one guy’s take on spending Bitcoin in El Salvador: