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| Bitcoin rallies after El Salvador adopts the crypto as legal tender | Bitcoin rallies after El Salvador adopts the crypto as legal tender |
| (3 months later) | |
| The world’s most prominent cryptocurrency, bitcoin, surged 13% on Thursday to above $37,300 after El Salvador officially recognized it as a legal tender, becoming the first country in the world to do so. | The world’s most prominent cryptocurrency, bitcoin, surged 13% on Thursday to above $37,300 after El Salvador officially recognized it as a legal tender, becoming the first country in the world to do so. |
| The cryptocurrency is still significantly off from its record high of $64,829.14 that was reached in April. | The cryptocurrency is still significantly off from its record high of $64,829.14 that was reached in April. |
| The bill that has been passed in El Salvador will mandate all businesses to accept bitcoin for goods or services, but the government will act as a backstop for entities that aren’t willing to take on the risk of a volatile cryptocurrency. | The bill that has been passed in El Salvador will mandate all businesses to accept bitcoin for goods or services, but the government will act as a backstop for entities that aren’t willing to take on the risk of a volatile cryptocurrency. |
| The Central American country has struck a partnership with digital wallet company Strike to build the country’s modern financial infrastructure using bitcoin technology. | The Central American country has struck a partnership with digital wallet company Strike to build the country’s modern financial infrastructure using bitcoin technology. |
| In addition, El Salvador’s state-owned electric company has been instructed to provide cheap electricity for mining the cryptocurrency, powered by volcanoes. | In addition, El Salvador’s state-owned electric company has been instructed to provide cheap electricity for mining the cryptocurrency, powered by volcanoes. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |
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