The global adoption of Bitcoin received a major push this week after Nayib Bukele, the President of El Salvador, revealed that the country is currently holding 400 Bitcoins. Recently, El Salvador became the first country in the world to officially recognize BTC as a legal tender.
“El Salvador just bought 200 new coins. We now hold 400 Bitcoins,” Bukele mentioned on Twitter today. The latest announcement from Bukele received immense support from the global crypto community.
“El Salvador holds 400 bitcoins, President Nayib Bukele said. And, today the country formally adopts BTC as legal tender alongside the US dollar. Congratulations to all Salvadorians, this is history in the making,” Ciara Sun, Vice President of Global Business, Head of Listing & Blockchain Investments at Huobi Global, said.
Safle’s CEO Abhimanyu Kashyap on Creating Frictionless ExperiencesGo to article >>
According to a recent survey conducted by the Central American University, most of the citizens in El Salvador are against the adoption of Bitcoin as a legal tender in the country. However, despite the survey results and criticism from some of the leading global financial authorities, El Salvador went ahead with its BTC plan.
Impact on Bitcoin’s Price
The latest announcement from El Salvador impacted the price of Bitcoin positively as the world’s largest digital asset jumped above the price level of $52,600 for the first time since 11 May 2021. The total market cap of BTC now stands at around $990 billion, just $10 billion away from the important mark of $1 trillion. Bitcoin saw a substantial jump in its price even before the announcement from El Salvador. The price of cryptocurrency is now up by more than 12% in the last seven days. In terms of crypto market dominance, BTC now accounts for nearly 42% of the total market cap of digital currencies.
Institutions around the world are holding the world’s most valuable digital asset in large amounts. Earlier this year, Tesla announced the purchase of $1.5 billion worth of BTC. MicroStrategy, the US-based business intelligence firm, now holds approximately $5.5 billion worth of Bitcoin.