The Central American country of El Salvador started using the cryptocurrency Bitcoin as its legal currency in September. Thus, El Salvador became the first country to accept Bitcoin as its official currency. According to the new law in the country, all businesses accept payments made in US Dollars as well as Bitcoin.
Businesses that do not accept Bitcoin face penalties. Foreigners who invest 3 Bitcoin in Salvador can obtain a residence permit.

El Salvador President Nayib Bukele, one of the first to consider Bitcoin as an opportunity, evaluated the decline in Bitcoin prices and made a repurchase. He sees buying BTC at a low price as an opportunity. In his post on his Twitter account, Bukele said, “El Salvador bought it at a low price. We bought 150 Bitcoins for 48 thousand 670 dollars.”

It remains to be seen how other investors will decide. In particular, it is wondered in which direction Elon Musk will move. Although Musk supports DOGE, which has the status of Memecoin, he has not been able to give up on Bitcoin. Frequent change of decision on cryptocurrencies can cause sudden decreases and rises.

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There was a rapid decline in Bitcoin after the decisions taken by the Chinese Government and the Central Bank. In addition to this development, the downward trend continued after Elon Musk’s tweet, in which he stated that the energy used in Bitcoin production harms the nature.

After these developments, which worried Bitcoin investors, both investments in cryptocurrencies decreased and there was a record decrease. BTC, which exceeded $ 60,000, fell below $ 30,000.

Support for Bitcoin from President Nayib Bukele

Is this a crisis or an opportunity? Bearish or bull start? The falling BTC value also negatively affected the prices of other altcoins. There are those among crypto investors who see this as an opportunity. Thanks to those who invested the low price in crypto money as an opportunity, the price rose again. Of course, it did not reach the desired level.

After the Central American country, El Salvador, accepted Bitcoin as a legal tender, the highest-volume unit in the cryptocurrency markets surged more than 6.0 percent to over $35,000.

El Salvador’s President Nayib Bukele told Congress ahead of the vote that the new regulation, if approved, would bring “investment, tourism, innovation and economic development” to his country.

In the approved law, it was stated that Bitcoin can be used unlimitedly in any transaction, and that public or private natural or legal persons can use it unlimitedly to bring them to their obligations.

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