The president of El Salvador has announced the government will airdrop $30 worth of Bitcon (BTC) to every adult citizen of the country. The President make announcement during a national address on Friday (June 25th, 2021) that bitcoin’s legal tender status will take effect in the country on September 7th, 2021.
The announcement was welcomed by Bitcoiners, with influencers speculating El Salvador’s government wil need to purchase the required BTC it intends to distribute adding more than $100 million in buying pressure on markets.
Apart from the news of the Bitcoin law taking effect, President Bukele also revealed the creation of a new BTC wallet called Chivo. According to him, every adult who signs up on the wallet will receive $30 worth of bitcoin. This effort could encourage increased adoption of the cryptocurrency.
Quickly googled estimates of the adult population of El Salvador varied, with onchain analyst Willy Woo tweeting that Bitcoin’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorians.