The President of El Salvador, Nayib Bukele through his tweet yesterday revealed that the government has made the first purchase of 200 Bitcoin (BTC) before the Bitcoin Law came into force today.
El Salvador has just bought it’s first 200 coins.
Our brokers will be buying a lot more as the deadline approaches. #BitcoinDay #BTC🇸🇻
- Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021
Bukele is also confident that there will be more brokers buying BTC by the official date of Bitcoin Law as legal in El Salvador.
The purchase of 200 BTC is part of the latest $ 150 million Bitcoin fund approved by Congress last week, aimed at facilitating the conversion of BTC to U.S. dollars ahead of the implementation of the Bitcoin Law.
Communities of social media users such as Twitter and Reddit are seen excited about the new era in El Salvador, calling on people to buy small amounts of Bitcoin in support of Bukele’s efforts to make bitcoin a legitimate tender.
These three major impulses have to some extent triggered an increase in the price of Bitcoin. Within 24 hours, BTC recorded a slight jump, over 1% with the trading value reaching $ 52,556.
El Salvador’s decision to make bitcoin a legal tender did not receive an overwhelming response with opposition from various quarters including: the International Monetary Fund, the World Bank, and the majority of its own population.
Probably because of that, on August 23 Bukele confirmed that the use of Bitcoin as a legal tender is not a mandatory one.
