The cryptocurrency market has not quite accommodated the news that El Salvador plans to push for a bill to make bitcoin a legal tender. The price of the largest digital currency by capitalization, remains without too many changes in the range that it has been drawing in recent days, between 36,000 and 38,000 dollars, while the 'altcoins' leave marginal increases of between 1% and 3% , with Ethereum around $ 2,800. The total value is 1.6 trillion.
In a presentation at the conference that has been developed in Miami, Bitcoin 2021, by Jack Mallers, CEO of Zap – developers of a low-profile Lightning Network wallet application called Strike – he showed a short video of the Salvadoran president Nayib Bukele where the leader of the 104th world economy announced landmark legislation. Strike currently has a 3.2 out of 5 star rating on the Google Play store.
"Next week I will send a bill to Congress that turns Bitcoin into legal money," Bukele said in the video.
– Nayib Bukele 🇸🇻 (@nayibbukele) June 5, 2021
Bukele, who has been described as a strong man and an autocrat, consolidated his power last month by firing five judges and the country's attorney general. In a recent Reddit thread, a user who has identified himself as Salvadoran has indicated that the measure will be popular with both Bukele's supermajority party and the general population, CoinTelegraph collects.
The move has long been awaited in bitcoin circles, where it is speculated that states will begin to transact and hold the world's largest digital asset as part of treasury reserves. The sentiment in the crypto community is that the move through the Central American region will be the first of many countries that will start to count on Satoshi Nakamoto's crypto as part of their reserves.
However, the market has not reacted as one might expect to such a development, as the exact nature of the announcement is unclear and arouses great misgivings. Although it has not served as a catalyst for new purchases, Bukele noted in a recent tweet that the new policy may be a major boost for many Salvadorans, especially the more than 70% of the population that does not have a bank account, regardless of the technicalities of implementation:
"Financial inclusion is not only a moral imperative, but also a way to grow the country's economy, providing access to credit, savings, investment and secure transactions," he said.
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