El Salvador Will Distribute $30 in Bitcoin to Each Adult Citizen

The President of El Salvador has announced that the government will distribute $30 worth of Bitcon (BTC) to every adult citizen of the country.

June 25, 2021, | AtoZ MarketsEl Salvador President Nayib Bukele confirmed on Thursday that the government will airdrop $30 worth of Bitcoins to every adult citizen in the Latin American country. But, they have to download the El Salvador government’s official Bitcoin wallet application.

The announcement was well-received by Bitcoiners: Influencers speculate that the government of El Salvador will need to purchase the required BTC that it intends to distribute, which will add more than $100 million in buying pressure in the markets.

Estimates of El Salvador's adult population that were quickly searched on Google varied; On-chain analyst Willy Woo tweeted that Bitcoin's global user base will grow 2.5% thanks to the influx of 4.5 million Salvadorans.

Others said that the Salvadoran adult population is 6.5 million (which is actually the total population), and Yahoo Finance presenter Zack Guzman used the figure to do some rough calculations suggesting that $195 million worth of Bitcoin will be thrown around. the country.

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Exact figures are difficult to find, but Statista shows that in 2019 the population over 15 years was 4.72M.

However, Twitter's cryptocurrency euphoria may be a bit premature, as local publication Prensa Latina notes that citizens of El Salvador will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet app.

The news was announced during a press conference on June 25, in which President Bukele stated that the "government wallet app will work even anywhere with a cellular connection, and you will not have to have a cellular plan for the app. "

President Bukele also stated that the country's highly celebrated Bitcoin law, which recognizes BTC as legal currency across the country, will go into effect on September 7.

El Salvador's Bitcoin law was passed about two weeks ago. Although the move has been praised by the global crypto community, the legislation has faced opposition from a minority political party and the World Bank.

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