The president of El Salvador has declared bitcoin “legal tender”, allowing it to be used as an official form of currency in the country.
President Nayib Bukele is the first world leader to formally adopt bitcoin or any other decentralised cryptocurrency, and emphasised his enthusiasm for the digital currency by adding “laser eyes” to his Twitter profile picture.
This gesture, which was recently adopted by fellow crypto advocate Elon Musk, signifies his hope that the price of bitcoin will hit $100,000. It is currently trading at around $36,000 after falling from an all-time high above $64,000 in April.
President Bukele’s plan requires the backing of congress in the Central American country, which will consider the legislation next week.
Speaking at the Bitcoin 2021 conference in Miami on Saturday, President Bukele said: “In the short term, this will generate jobs and help provide financial inclusion to thousands outside the formal economy.”
He said…