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El Salvador to giveaway $30 worth of Bitcoin to every adult citizen of the country, worth at $195 million

The President of El Salvador Nayib Bukele has announced that bitcoin’s legal tender status will take effect in the country on September 7th, 2021 during a national address on June 25.

The government will give El Salvadoran citizens $30 worth of bitcoin via a new BTC wallet called Chivo. “Just by lowering it, you will receive $ 30 equivalent in bitcoins that will be given away,” the president said.

The Salvadoran adult population as high as 6.5 million, using the figure for some rough back of the envelope calculations suggesting that $195 million worth of Bitcoin will be airdropped across the country.

Athena Bitcoin, operator of bitcoin ATM throughout the Americas, is poised to establish 1,500 new cash-to-crypto machines in El Salvador.

“If adoption gets traction, 1,500 ATMs is roughly one in every 4,000 people,” said Matias Goldenhorn, Athena’s director. “In the U.S. we used to do one in every 150,000, then one in every 100,000 … But here it could be even more.”

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