Bitcoin Starts Strong Recovery After El Salvador First | Financial

The country from Central America, which is half the size of the Netherlands, gave the green light this week after a vote in parliament to legally embrace bitcoin.

President Nayib Bukele is the driving force behind accepting bitcoin. He is known for his love for technology, as well as for taking special actions to attract attention.

The bitcoin can be used in El Salvador, among other things, to pay taxes. The high volatility of the digital currency is expected to dampen enthusiasm in the country considerably. The cryptocurrency has had a hard time, especially in recent weeks. In the first months of this year, bitcoin was still experiencing an unprecedented rise.

Especially Tesla boss Elon Musk has left his mark on the value of bitcoin this year. In January he expressed his love for the digital currency. A few months later, Musk already violently put the cryptocurrency aside.

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