According to the new law, businesses will be obliged to accept Bitcoin for goods and services. The Salvadorian government has already installed 200 Bitcoin ATMs around the country ad have bought 400 Bitcoins worth over $20 million. Furthermore, El Salvador will be preloading Chivo wallets with $30 worth of Bitcoin for Salvadorans who register.
“What is most worth looking out for is whether or not neighboring countries in Latin America, or those elsewhere around the world, begin to adopt bitcoin as their national currency as well,” Wald said. “Should this occur, that is when we could see a parabolic move higher, as the momentum gained from many millions more people having instant access to crypto should result in more adoption, more HODLing, and higher prices.” HODLing is crypto community slang for the buy-and-hold investment strategy.
