2021/9/16 level 8
El Salvador Makes Bitcoin Legal Currency
El Salvador has become the first country to recognize Bitcoin as legal tender. This means that as of September 7, 2021, businesses in El Salvador have to — when possible — accept Bitcoin for payments.（As much as possible, businesses in El Salvador have to accept Bitcoin for payments. ）
However, a survey of almost 1,300 El Salvadorans in August 2021 by the Central American University/ found that 68% were against making Bitcoin legal tender. The survey also found that 9 out of 10 people didn't completely understand Bitcoin.
On September 8, protests against Bitcoin as legal tender started in the capital city San Salvador. A resident of the city told Reuters that the digital currency wouldn't work for people like street vendors, shopkeepers and drivers, and that it was for big investors who want to speculate with their money.
Opposition politician Johnny Wright Sol told the BBC that the protesters don't hate Bitcoin or cryptocurrency, but they don't think businesses should have to accept it if they don't want to.
The El Salvador government has also launched its own digital wallet app for Bitcoin called Chivo.
Anyone in the country who downloads Chivo is given $30 worth of Bitcoin to get them started. However, just five hours after Chivo was launched, it had to be temporarily shut down because of server problems.
As El Salvadorans found themselves having problems setting up their digital wallet, the country's president Nayib Bukele tried to give tech support on Twitter.
Bukele also shared a tweet from a journalist who had been able to use Bitcoin to pay at a McDonalds.
Just before the El Salvador rollout, one bitcoin was worth almost $53,000, but this fell on September 7 — with the digital currency's value falling by 18.6% at one point, for a market loss of $180 billion.
However, the currency recovered a little and on September 8, one bitcoin was worth about $46,500 — or about 11% lower than the day before.