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El Salvador President Submits Bill to Recognize BTC as Legal Tender

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El Salvador made a major splash in the final hours of the BTC 2021 conference in Miami on Saturday afternoon.

El Salvador President Nayib Bukele announced, via Zoom, that he will send a bill to the country’s congress to recognize BTC as legal tender.

The announcement did not immediately boost the price of BTC (BTC), which is down 6% over the past 24 hours, after Elon Musk on Thursday evening tweeted out a meme about his breakup with BTC.

Bukele’s pre-recorded announcement came during a talk by Jack Mallers, founder of Strike, a crypto wallet built on the Lightning Network.

Mallers said on stage that he had lived in El Salvador for three months and discovered that some 70% of the population there does not have a bank account, and 20% of the country’s GDP comes from remittances sent by migrants to family members. Strike launched in El Salvador in March, and Mallers said the app has been “onboarding” 20,000 El Salvadorans per day. He framed Bukele’s forthcoming legislation as the next step in a partnership between Strike and the government of El Salvador.

Mallers called the announcement a “shot heard ’round the world for BTC.” If the bill goes through without a hitch, El Salvador will be the first nation to officially recognize BTC as legal tender.

Editor’s note: This is a developing story and will be updated with more.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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