Bitcoin (BTC) Rise Impacted by El Salvador: Bitcoin Magazine

The last few weeks saw a swift change in the entire crypto market. The major highlight of this turn of events was Bitcoin (BTC). The crypto, which is now equated to gold, has become a national treasure for many parts of the world. El Salvador’s adoption of Bitcoin (BTC) came with lots of criticisms and negative predictions. Fortunately, the country’s President Nayib Bukele seems to be handling the situation quite well, tweets Bitcoin Magazine.

In detail, Bitcoin Magazine recently tweeted that Bitcoin (BTC) rose to over 30% since El Salvador gave $30 to every citizen. The tweet met varying opinions. One comment referred to the news as a smart move by President Nayib Bukele. More so, another referred back to the time people said it was a wrong choice for El Salvador to make Bitcoin (BTC) its Legal Tender. Now, the country is doing well for itself in contrast to what many world leaders expected.

Conversely, one netizen didn’t quite agree with the theory, rather, he questioned Bitcoin Magazine. He asked Bitcoin Magazine if ‘the cost of Bitcoin has something to do with what is happening in South America’. He called the news ‘moronic.’

Looking at the current price of Bitcoin (BTC), the $30 given by El Salvador to every citizen should have accrued a $9 interest.

Additionally, the news of Bitcoin and its price rise filled the news in the last couple of weeks. Furthermore, Bitcoin has been doing so well in the last few days that many are predicting it may get to $100 before the year ends. At the time of writing, Bitcoin trades at $62,286.43 with a market cap of over 1 trillion dollars. This is a big win for the crypto, investors, and countries such as El Salvador.