Bitcoin Is On Its Way To New Heights; El Salvador Is About To Adopt BTC As Legal Currency

Bitcoin has been doing great lately, and despite the massive volatility in the crypto space, the king coin is trading around $50k for a while now. More than that, mass adoption is also going great, and good things are taking the goals of the crypto space to the right track.

At the moment of writing this article, BTC is trading in the red, and the king coin is priced at $47,911.11.

There are only 8 days left until BTC becomes a legal currency in El Salvador. This move was extremely important for the crypto space.

It’s been revealed that the President of El Salvador, Nayib Bukele, announced via Twitter Sunday that 200 ATMs and 50 in-person kiosks are being built to launch on September 7 to support its forthcoming law-making Bitcoin legal tender.

It’s worth noting that President Bukele also noted that the government would facilitate the buying and selling of Bitcoin in El Salvador through its new Chivo App without collecting any commission.

As the online magazine Bitcoin Magazine reported, the biggest advantage to the citizen who uses Chivo will be the ability to send and receive remittances without any additional fee.

Bukele noted, “Our town pays $400 MILLION a year in commissions on remittances.”

With Bitcoin, that number could effectively be reduced to zero.

Bitcoin adoption

The mainstream adoption of Bitcoin and digital assets has been one of the main goals that the crypto industry set.

There have been a lot of moves in this direction, and the crypto space is on the right track.

It’s been just revealed that another Central American nation is seeing the arrival of the first-ever crypto ATM machine.

After El Salvador, now Cuba makes headlines all over the place following the latest announcement.

The moves towards the achievement of mass crypto adoption continue on the right track.

Stay tuned for more news.

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An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.