Bitcoin Gains More Relevance as El Salvador Considers Legal Tender Use

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The President of El Salvador, Nayib Bukele, has announced his administration’s plans to make Bitcoin (BTC) a legal tender in the country. President Bukele announced at the ongoing Bitcoin 2021 Conference in Miami.

The president noted that he would forward a bill to this effect to Congress next week. That said, if approved, El Salvador would become the first sovereign nation to legalize Bitcoin as a legal tender, alongside a fiat currency.

Bukele argued that the regulatory actions taken by global central banks against BTC could negatively affect the economic stability of El Salvador. The president added that the move would create massive job opportunities for the population and foster financial inclusion for thousands of citizens.

That said, the Central Reserve Bank of El Salvador will adopt Bitcoin as part of its reserves, while citizens would have the freedom to make transactions using the benchmark cryptocurrency.

President Bukele also noted that the government has partnered with Strike, a prominent digital wallet company, to develop a modern financial infrastructure on the blockchain.

Jack Mallers, the founder of Strike, noted that the move would be a “shot heard round the world for Bitcoin.” Mallers also notes that the undertaking will release the full potential of Bitcoin for daily use cases on “an open network that benefits individuals, businesses, and public sector services.”

Key Bitcoin Levels to Watch — June 6

Bitcoin appears to have ended the first week of June on a poor note, despite starting on a footing. The primary cryptocurrency has fallen below the tripwire and is currently struggling to stay above the $36k psychological level.

The primary cryptocurrency needs a break above the critical $36,600 level, where the 200 and 50 SMAs reside. That said, we do not expect the cryptocurrency to fall too far from the tripwire in the event of a bearish wave over the coming hours and days.

Meanwhile, our resistance levels are at $36,600, $37,000, and $37,500, and our key support levels are at $35,000, $34,200, and $33,000.

Total Market Capitalization: $1.63 trillion

Bitcoin Market Capitalization: $673 billion

Bitcoin Dominance: 41.1%

Market Rank: #1

 

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