Bitcoin Rises 8.5 Percent to $36,265 as El Salvador Adopts It as Legal Tender


Bitcoin surged 8.54 percent to $36,265 (roughly Rs. 26.4 lakhs) on Wednesday, adding $2,853.31 (roughly Rs. 2 lakhs) to its previous close.

Bitcoin, the world’s biggest and best-known cryptocurrency, is up 30.8 percent from the year’s low of $27,734 (roughly Rs. 20.2 lakhs) on January 4. As of 10:12am on June 10, Bitcoin price in India stood at Rs. 26.9 lakhs.

Ether, the coin linked to the Ethereum blockchain network, rose 2.29 percent to $2,566.4 (roughly Rs. 1.9 lakhs) on Wednesday, adding $57.55 (roughly Rs. 4,200) to its previous close. As of 10:12am on June 10, Ethereum price in India stood at Rs. 1.9 lakhs.


On June 9, El Salvador became the first country in the world to formally adopt Bitcoin as legal tender after Congress approved President Nayib Bukele’s proposal to embrace the cryptocurrency.

With 62 out of 84 possible votes, a majority of lawmakers voted in favour of the initiative to create a law that will formally adopt Bitcoin, despite concern about the potential impact on El Salvador’s programme with the International Monetary Fund.

Bukele has touted the use of Bitcoin for its potential to help Salvadorans living abroad to send remittances back home, while saying the US dollar will also continue as legal tender.


“It will bring financial inclusion, investment, tourism, innovation, and economic development for our country,” Bukele said in a tweet shortly before the vote in Congress, which is controlled by his party and allies.

He added that the use of Bitcoin, whose use will be optional, would not bring risks to users. Its use as legal tender will go into law in 90 days.

“The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction,” Bukele said.

instant= new adsenseLoader( '#quads-ad4-place', { onLoad: function( ad ){ if (ad.classList.contains("quads-ll")) { ad.classList.remove("quads-ll"); } } });

El Salvador’s dollarised economy relies heavily on money sent back from workers abroad. World Bank data showed remittances to the country made up nearly $6 billion (roughly Rs. 43,790 crores) or around a fifth of GDP in 2019, one of the highest ratios in the world.

© Thomson Reuters 2021

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Stay connected with us on social media platform for instant update click here to join our  Twitter, & Facebook


We are now on Telegram. Click here to join our channel (@TechiUpdate) and stay updated with the latest Technology headlines.

For all the latest Technology News Click Here 

 For the latest news and updates, follow us on Google News


Read original article here

Denial of responsibility! is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment