El Salvador President Embraces Cryptocurrency

Bitcoin is a type of currency. It has done well recently. It did the best on Wednesday in 2 months.

El Salvador President Embraces Cryptocurrency

The price of the flagship cryptocurrency rose 11.98% to $37,573 after El Salvador’s president passed legislation approving it as a legal tender. The Central American nation will now be able to use the cryptocurrency for pricing goods and services and will even accept it for taxes!

Meanwhile, the president of El Salvador said his government would not impose a capital gains tax on bitcoin investors. He also announced that his country would use all the energy from an active volcano to mine bitcoin. This happened weeks after Tesla CEO Elon Musk ended their support for Bitcoin payments since it was causing too much emissions.

I’ve just instructed the president of @LaGeoSV (our state-owned geothermal electric company), to put up a plan to offer facilities for #Bitcoin mining with very cheap, 100% clean, 100% renewable, 0 emissions energy from our volcanos. This is going to evolve fast! pic.twitter.com/1316DV4YwT — Nayib Bukele (@nayibbukele) June 9, 2021

Bearish sentiment prevails

But El Salvador’s decision to call Bitcoin a store of value failed to make investors happy. But El Salvador’s decision to call Bitcoin a store of value failed to make these “smart” investors happy.

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