- El Salvador (well, most of it) is celebrating #BitcoinDay as the country becomes the first in the world to accept Bitcoin as a legal currency
- President Nayib Buklele announced that El Salvador had bought ₿400 as the deadline was crossed
- Bitcoin dropped to $51,000 on the announcement
El Salvador has welcomed in the adoption of Bitcoin as a currency by purchasing ₿400 as the country gets ready to accept the cryptocurrency as legal tender. El Salvador president Nayib Buklele, who was the instigator behind the move to get Bitcoin adopted, stated yesterday that the country had purchased its first bitcoin, starting the #BitcoinDay hashtag as he did. Bitcoin day was also celebrated by a worldwide movement to buy a small amount of bitcoin on the 7th to mark the occasion, but not everyone was happy about the landmark event.
#BitcoinDay Arrives After Three Month Wait
El Salvador’s Bitcoin journey began in June when Bukele announced his intentions to have Bitcoin accepted as a currency, and three months later he has been celebrating its implementation buy buying ₿200 in the lead up to the midnight deadline and another ₿200 afterward:
El Salvador just bought 200 new coins.
— Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021
Naturally the implementation of Bitcoin in El Salvador received a mixed response on social media, with the nature of the response almost exclusively tied to the person or outlet reporting the news. Pro-Bitcoiners tweeting about #BitcoinDay saw generally positive replies, while mainstream media outlets’ tweets were met with the exact opposite:
Starving citizens and this is what they focus on? More ways for criminals to get money?
— OMG (@murrayjohnsonjr) September 6, 2021
What in the fresh hell is this?
— Kev (@ResonantPulse) September 7, 2021
#ElSalvador probably has one of largest #Bitcoin holdings of all countries in the world! And #ElSalvador formally adopts #BTC as the legal tender! All the crypto business will soon move to #ElSalvador! Congrats, President @nayibbukele!
— Justin Sun 🅣🌞 (@justinsuntron) September 7, 2021
— Flava44 (@MyBestLifeAppa1) September 6, 2021
Bukele Not Getting Carried Away
While Bukele was naturally celebrating #Bitcoinday, he was careful not to get too carried away, saying that the revolution would be a process:
Like any innovation, the Bitcoin process in El Salvador has a learning curve. Every path to the future is like that and not everything will be achieved in a day, nor in a month. But we must break the paradigms of the past. El Salvador has the right to move towards the first world.
Bitcoin itself reacted in typical ‘buy the rumor, sell the news’ fashion, falling from $52,750 to $51,000 amid suggestions that #BitcoinDay could turn out to be a local top, much in the same way Coinbase’s NADAQ listing was back in April.