Authorities In El Salvador Intend Distributing $30 Worth Of Bitcoin To Each Adult

Authorities In El Salvador Intend Distributing $30 Worth Of Bitcoin To Each Adult

The president of El Salvador has made public the decision of his administration to distribute free $30 worth of Bitcoin to its 18 and above citizens. This will be effected upon the person’s download of government Bitcoin wallet application.

The official statement by the president was warmly received by Bitcoin advocates. With the latest move by El Salvador authorities, some of the industry’s doyens have projected that there will be increase in Bitcoin sales stating that more than $100 million will be injected into the Bitcoin market. This is because the authorities will buy the Bitcoin to distribute to its citizens.

The 18 and above citizens of El Salvador according to an on-chain expert is 4.5 million which will cause a 2.5% increase in the number of Bitcoin users. However, another source has it that the number of the aforementioned category of El Salvador’s citizens was 6.5 million. A number said to be the total population of the country’s citizens. An executive of Yahoo has from the 6.5 million figure inferred that about $195 million worth of Bitcoin will be distributed by the government. Getting the accurate number of the 18 and above class of citizens have been difficult but data shows that as of 2019, there were 4.72 million 15 and above citizens.

Nonetheless, enthusiastic tweets on the projected increase in the number of Bitcoiners may be too forward. El Salvador news agency reported that the condition for receiving the free $30 worth of Bitcoin was upon the download of Bitcoin wallet application that is given by the authorities. In a June 25 interview with journalists, the president of El Salvador noted that the wallet required nothing extraordinary as it had the capacity to function everywhere.

According to the president, the Bitcoin adoption law will be effected as from September 7, 2021. The adoption of Bitcoin as a legal tender in the country was done about fourteen days ago. Since then, the government had received accolades and criticisms as well.


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