Bitcoin’s Market Cap Approaching $1 Trillion as El Salvador Buys 400 BTC

[RSRS]

The market cap of Bitcoin came close to hitting the $1 trillion mark earlier today amid the excitement around El Salvador’s big cryptocurrency experiment.

On Sept. 7, the tropical nation’s highly contentious Bitcoin law will officially come into effect despite fierce opposition.

The historic event is likely the main catalyst for the flagship cryptocurrency’s ongoing recovery, with the Bitcoin price recently hitting an intraday high of $52,956.     
   
Proponents argue that El Salvador is embarking on the path to economic freedom while opponents are convinced the government of the impoverished tropical nation should have directed its resources elsewhere.   

President Nayib Bukele recently took to Twitter to confirm that the country now holds 400 BTC (roughly $21 million at press time).

Como toda innovación, el proceso del #Bitcoin en El Salvador tiene una curva de aprendizaje. Todo camino hacia el futuro es así y no se logrará todo en un día, ni en un mes.

Pero debemos romper los paradigmas del pasado. El Salvador tiene derecho a avanzar hacia el primer mundo.

— Nayib Bukele 🇸🇻 (@nayibbukele) September 6, 2021

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[lepbagong]

Wise actions have been taken by the highest leadership of el savador and of course all policies can certainly have pros and cons and that is a natural thing. Moreover, we know that El Salvador is not a developed country but is still a developing country. the possible use of funds into bitcoins can be controversial, but now the action has proven that it is finally the right move, given the current price has risen.

but indeed as a developing country, it does need clear rules and indeed must be prepared in a planned manner. because we believe that not all people know about bitcoin and its uses, so at least the assistant to the president should come down and be able to provide education about this.

information circulating that what the leadership of el savador is a very good action, because they can save from the costs incurred by the people every year from the cost of remittances. then with bitcoin it can be helped and what is the main goal will work with the passage of time.