Bitcoin Day in El Salvador

The recent article about El Salvador accepting Bitcoin as legal tender is now a reality. The 7th of September 2021 is known as Bitcoin day where the country distributed $30 to all adult citizens which enabled them to begin spending on goods and services. The Bitcoin reddit community with over 3.3million users purchased $30 of bitcoin in support of the monumental day, totalling close to USD$100M in bitcoin buys.

However the good intentions of the reddit community weren’t enough to keep the price of bitcoin from plummeting from USD$52K to a wick down to as low as USD$42K. Here’s a great thread on reasons behind the violent drop.

Jack Mallers has been an instrumental figure with Bitcoin adoption in El Salvador and outlines below how import Bitcoin day is to the El Salvadorians.

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