Bitcoin was officially accepted as a legitimate currency in the South American nation on September 7 and will allow Salvadorans to use the crypto in physical and online shops.
Also read: 3 simple steps to buy crypto in Australia
One Twitter user even tested out the system, on what has been dubbed ‘Bitcoin Day’ by purchasing some McDonalds.
Just walked into a McDonald's in San Salvador to see if I could pay for my breakfast with bitcoin, tbh fully expecting to be told no.
But low and behold, they printed a ticket with QR that took me to a webpage with Lightning invoice, and now I'm enjoying my desayuno traditional! pic.twitter.com/NYCkMNbv7U
— Aaron van Wirdum (@AaronvanW) September 7, 2021
A Government-backed app, Chivo, was launched and citizens were encouraged to install it on their phones to buy goods and manage their newly acquired Bitcoin.
But, not all are happy with the introduction.
Protests began around the county in opposition to the laws which they said the Government did not consult the public on.
Additionally, protesters voiced concerns around Bitcoins volatility which they said could pose a serious risk to the economy.
Why did the price of Bitcoin plummet?
It’s hard to say. As mentioned above, Bitcoin will often see volatility and as soon as people start selling there are plenty more who start buying.
Even President Bukele, tweeted that he was ‘buying the dip’ when the coin began to fall.
— Nayib Bukele 🇸🇻 (@nayibbukele) September 7, 2021
Some Reddit users even suggested that if all 3,316,862 community members were to buy $30 of bitcoin each on Thursday, US$99,505,860 would be added to the cryptocurrency.
"Bitcoin is hammered today but if you look at the price action more closely you can see that traders have actually bought the dip as the price has bounced near its 50-day simple moving average," Naeem Aslam, chief market analyst at Ava Trade, told .
"In other words, today, we have tested the early 40Ks price level and it seems like that this could be last big fires sale opportunity we may have this year."