El Salvador adopts it as legal tender as Bitcoin Falls Below May Highs



Bitcoin retreated Tuesday after breaking through $52,000 Monday when it rose to its highest level since May.  The price movement comes the day after El Salvador becoming he first country to adopt the largest cryptocurrency by market cap as legal tender.

Businesses in El Salvador must now accept Bitcoin , due to  the new law. However, if  merchants are not set up to accept bitcoin, they  will be exempt. The government has installed 200 bitcoin ATMs around El Salvador.

El Salvador President Nayib Bukele announced the purchase of 400 bitcoins, worth around $20 million. Bukele has claimed the move would increase financial inclusion, investment, and economic development; however, there have been protests against it, with many saying they do not know how to use the digital coin, Sky News reported.

Co-Founder PowerTrade, Founder of http://Liquid.com, Former CEO, CPO of http://Liquid.com. Finance over 20 yrs of experience, ex Merrill Lynch, Credit Suisse CTO says on Twitter, “Felicitations to my brothers of El Salvador for the enormous achievement that is adopting bitcoin as legal tender. Today will go down in history as a major milestone for the country. There will be challenges along this new path, but they shall be overcome.”

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