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El Salvador’s Bitcoin Movement Received Mixed Reaction From Traders

Traders and Analysts are unsure of how to react to what is claimed to be one of the biggest Bitcoin announcements in history. The crypto market seems puzzled over the movement in Salvador, as the country attempts to integrate Bitcoin into an official form of currency in the nation. El Salvador is now the first country that is attempting to pass legislation in which Bitcoin will be deemed as a legal tender and utilized the same as the Salvadorian currency.

Jack Mallers, the Chief Executive of Zap, was one of the presenters at the Bitcoin 2021 event in El Salvador. At the event, Mallers showed a video of Nayib Bukele the President of El Salvador and the leader of the 104th largest global economy, who had announced passing historical legislation that has taken the crypto market by storm. In the short video displayed by Mallers, President Bukele stated he will be sending Congress a bill to recognize Bitcoin as legal money.

Considered to be a strongman and an autocrat, President Bukele is said to have consolidated his presidential powers in the past month where he dismissed five judges along with El Salvador’s attorney general. This act is recognized and favored by the general populace according to a Reddit thread where a self-professed Salvadorian spoke in favor of Bukele.

Bukele’s dismissal of the attorney general has led to many speculations in the Bitcoin community with many enthusiastic wondering if the country will come to accept and hold the largest digital asset in the world as a part of the treasury reserves.

According to a tweet by the President, he noted that the new Bitcoin policy will be beneficial to the majority of Salvadorians since 70% of the general populace does not have a bank account.

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