As of today, Bitcoin acceptance becomes a legal business requirement in El Salvador. In response, the country’s largest newspaper has included a Bitcoin price tracker on its homepage.
The Price Tracker
In full display on the newspaper’s homepage, a live Bitcoin price tracker is visible on the upper right-hand side of the screen. It measures Bitcoin’s worth in USDT (Tether), a stable coin pegged to the US dollar.
This price tracker will be a convenient tool for citizens now mandated to accept Bitcoin payments as part of their business.
Interestingly, that same newspaper’s front page is filled with articles claiming that citizens are unfavorable towards the new law.
Headlines include “What people say is clear: they don’t want Bitcoin,” as well as “The Bitcoin Law starts amid doubts and citizen rejection.” This is in line with what CryptoPotato reported recently about anti-Bitcoin protesters marching the streets in recent weeks. The citizens’ major concerns appear to be the price volatility and alleged facilitation of criminal activity.
Nayib Bukele: Doubling Down and Stacking Sats
President Nayib Bukele has paid no mind to the naysayers and gone through with implementing his Bitcoin law despite concerns surrounding article VII.
He remains confident that the new mandate will bolster the long-term wealth of his country and has repeatedly dismissed negative media coverage of his administration’s decision. This includes yesterday when he preemptively rejected the incoming “media FUD,” which he correctly predicted.
In the halls of power, support for the new Bitcoin law has been remarkably positive. After passing with a supermajority vote in June, the government has recently invested in 400 bitcoin, becoming the first nation in the world to purchase the asset.
Furthermore, the government has promised that every citizen would receive a free $30 worth of Bitcoin after signing up with the Chivo digital wallet, which also seems to be facing some issues at the time of this writing. In solidarity with the country, many within the online Bitcoin community have pledged to buy $30 Bitcoin alongside them.