El Salvador spends $ 30 in Bitcoin for every adult citizen
The President of El Salvador has announced that the government will issue $ 30 worth of Bitcoin (BTC) to every adult citizen in the country.
The announcement was welcomed by Bitcoiners, with influencers speculating that the El Salvador government will need to buy the required amount of BTC they want to distribute in order to add over $ 100 million to buying pressure in the market.
Google’s quick estimates of El Salvador’s adult population vary widely, with onchain analyst Willy Woo tweet that Bitcoin’s global user base will grow by 2.5% thanks to the outflow of 4.5 million Salvadorans.
Others estimate the adult population in Salvador at 6.5 million (actually the total population), with the firm Yahoo Finance Zack Guzman Using the number in some rough calculations suggests that $ 195 million worth of Bitcoin is being broadcast nationwide.
6 million people were added to the crypto ecosystem at one time. pic.twitter.com/DVoW6vLrAK
– CZ Binance (@cz_binance) June 25, 2021
Exact numbers are hard to come by, but Statista shows that in 2019 the population aged 15 and over was 4.72 million.
The Twitter crypto euphoria may be a little premature, however, as local publication Prensa Latina notes that El Salvador citizens will only receive free bitcoins after downloading the government-run crypto wallet app.
The news came during the June 25 press conference with President Bukele. announced clarify “Government wallet apps even work wherever there is a mobile connection, and you don’t need to have a cellular plan for the app.”
President Bukele also announced that the country’s famous Bitcoin law, which recognizes BTC as the legal currency nationwide, will come into effect on September 7th.
Connected: Opposition faces constitutional challenge to El Salvador’s Bitcoin law
El Salvador’s Bitcoin law was passed about two weeks ago. While the move was welcomed by the global crypto community, the legislation met opposition from a minority political party and the World Bank.