Bitcoin as Legal Tender in El Salvador? Is There a Potential Price Surge on the Horizon?

12:03 pm, Mon, 7 June 21

To the delight of Bitcoin investors and traders, the flagship cryptocurrency might soon be adopted as a legal tender by El Salvador. According to reports, the proposition to submit a bill for the adoption of BTC as a legal tender was announced at the Bitcoin 2021 Conference in Miami.

According to the announcement, the bill will be submitted this week by the President of El Salvador, Nayib Bukele. El Salvador will become the world’s first nation to adopt a digital currency as legal tender, provided the bill is approved as planned.

This can open new doors of opportunities for BTC enthusiasts and investors, not only in El Salvador but all over the world. This can also push Bitcoin to climb up the ladder in terms of price, utility and prominence.

Despite the recent price fluctuations noted for the flagship cryptocurrency, it is safe to say that Bitcoin is one of the best digital assets to invest in. Therefore, people who have been planning to buy Bitcoin but haven’t done so yet, can use secure exchanges such as SwissBorg exchange or Kraken exchange and safely invest in a few minutes.

What BTC Investors Should Know About Adoption by El Salvador?

The Bitcoin Conference in Miami was the largest Bitcoin event in the world. Thousands of people and crypto enthusiasts participated in the conference, which is where the adoption of Bitcoin by El Salvador was announced.

The announcement was made by a recording, shared by Jack Mallers, CEO and founder of Strike.

Jack Mallers stated that his company had been working with El Salvador and President Bukele for an increase in BTC adoption over the last several months. Maller also plans to open an “innovation HQ” in El Salvador once the bill submitted is approved.

The bill to adopt BTC as legal tender is still to be reviewed and approved by the legislative assembly in the country. However, it is heavily supported by President Nayib Bukele, which can imply that the approval is almost certain.

Jack Mallers further stated that the BTC adoption can provide El Salvador with a payment network, which will be the safest, globally integrated and most efficient in the world.

Is This the Right Time for you to Buy BTC?

The astounding announcement made by El Salvador can be perceived as a breath of fresh air for BTC enthusiasts and investors who have been rather concerned about the crypto asset recently.

However, if the bill is approved and implemented as planned by President Nayib Bukele, it can prepare the way for new opportunities for crypto investors on a global scale.

After experiencing a steep correction a few weeks back, BTC is now trading at $36,637 (at the time of writing). While the price of the flagship crypto asset has been struggling to reach the $40,000 region, its significance has not been affected much as major organizations and companies have been seen to invest in it.

According to recent stats shared by Crypto Treasuries, 32 companies hold approximately $11 billion in Bitcoin. This is an amazing number, which is expected to increase with time, given how more and more institutions and companies are stepping into the crypto space.

Therefore, people who have been hesitant to invest in Bitcoin can take note of such news updates and use secure exchanges to purchase the flagship cryptocurrency.

Novice investors can also consider crypto trading and enjoy its benefits. One of the safest and most popular crypto exchanges to use for Bitcoin trading is ByBit exchange.

Inexperienced and busy crypto investors, who plan on trading can opt for copy-trading, which is a smarter way to trade. Copy-trading refers to the mirroring of an expert trader’s trades, which generates the same returns as generated for the expert trader. One of the best exchanges to use for copy-trading is PrimeXBT Covesting.