El Salvador president Nayib Bukele has announced that its adult citizens are eligible to receive $30 worth of Bitcoin. According to the announcement, the government will airdrop the BTC to adults who download its Bitcoin wallet app.
Announcing the development on the 25th of June, Bukele said that the “wallet app would even work anywhere with a call connection, and you won’t have a cell plan for the app.”
Bitcoiners were excited with the announcement as El Salvador’s government will need to buy the amount of BTC required for the distribution. According to Bitcoiners and influencers, the move will cause the markets some buying pressure to the tune of $100 million.
After the news, on-chain analyst Willy Woo said in a tweet that Bitcoin’s user base across the world would advance by 2.5% as about 4.5 million citizens of El Salvador will soon hold BTC.
On the other hand, Yahoo Finance anchor Zack Guzman created another estimate based on the population of adults in the country, calculating a total of $195 million for 6.5 million adults.
The new Bitcoin law that approves BTC as a legal tender will come into effect on the 7th of September. In addition, El Salvador will be issuing permanent residency permits to anyone who invests 3 BTC into the nation’s economy.
Image Credits: Pixabay
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