Despite a campaign encouraging people around the world to buy $30 of Bitcoin, the cryptocurrency's price has fallen.
El Salvador has officially become the first country in the world to adopt Bitcoin as legal tender.
Some have expressed concern that any attempt to inflate Bitcoin’s value could make it more expensive for Salvadorans who are buying the cryptocurrency for the first time.
Although BTC’s elevation to legal tender has caused a lot of excitement in the crypto community, the controversial law has sparked protests in the country’s capital.
A Bumpy Start
It was inevitable that there would be some teething troubles as El Salvador’s Bitcoin Law came into force.
President Nayib Bukele confirmed that the government’s official Chivo wallet had to be briefly disconnected because of server capacity issues.
As Bitcoin Day commenced, a number of crypto influencers were feeling exceedingly bullish. Blockstream’s chief strategy officer Samson Mow said:
“Bitcoin is now legal tender in El Salvador. Soon more countries will follow. There is no going back. You cannot put the genie back in the bottle.”
He intends to save his crypto rather than spend it, but said he is worried about its value falling:
"It is one of the things that worries me the most. Losing money from long days of work would not be OK."