Bitcoin (BTC) Rise Impacted by El Salvador: Bitcoin Magazine
CoinEdition
Published Oct 18, 2021 07:01AM ET
Updated Oct 18, 2021 07:30AM ET
Bitcoin (BTC) Rise Impacted by El Salvador: Bitcoin Magazine
- Bitcoin Magazine says Bitcoin rose by over 30% after El Salvador gave its citizens $30.
- Bitcoin (BTC) is up by 2.42% and trades at $62,286 in the last 24 hours.
- From the price of BTC, El Salvador citizens have gained $9 in profit.
The last few weeks saw a swift change in the entire crypto market. The major highlight of this turn of events was Bitcoin (BTC). The crypto, which is now equated to gold, has become a national treasure for many parts of the world. El Salvador’s adoption of Bitcoin (BTC) came with lots of criticisms and negative predictions. Fortunately, the country’s President Nayib Bukele seems to be handling the situation quite well, tweets Bitcoin Magazine.
#Bitcoin is now up over 30% since El Salvador gave $30 to every citizen pic.twitter.com/UVEmBUtPrh
— Bitcoin Magazine (@BitcoinMagazine) October 18, 2021
In detail, Bitcoin Magazine recently tweeted that Bitcoin (BTC) rose to over 30% since El Salvador gave $30 to every citizen. The tweet met varying opinions. One comment referred to the news as a smart move by President Nayib Bukele. More so, another referred back to the time people said it was a wrong choice for El Salvador to make Bitcoin (BTC) its Legal Tender. Now, the country is doing well for itself in contrast to what many world leaders expected.
Conversely, one netizen didn’t quite agree with the theory, rather, he questioned Bitcoin Magazine. He asked Bitcoin Magazine if ‘the cost of Bitcoin has something to do with what is happening in South America’. He called the news ‘moronic.’
Looking at the current price of Bitcoin (BTC), the $30 given by El Salvador to every citizen should have accrued a $9 interest.
Source: CoinMarketCap
Additionally, the news of Bitcoin and its price rise filled the news in the last couple of weeks. Furthermore, Bitcoin has been doing so well in the last few days that many are predicting it may get to $100 before the year ends. At the time of writing, Bitcoin trades at $62,286.43 with a market cap of over 1 trillion dollars. This is a big win for the crypto, investors, and countries such as El Salvador.
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Written By: CoinEdition
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