The president of El Salvador Nayuib Bukele has announced that the government will airdrop $30 worth of Bitcon (BTC) to every adult citizen of the country.
The news which was announced during a June 25 press conference, with President Bukele stating that the government’s “wallet app will even work anywhere with a cell connection
Meanwhile The announcement was welcomed by Bitcoiners, with influencers speculating El Salvador’s government will need to purchase the required BTC it intends to distribute adding that more than $100 million in buying pressure on markets.
Although estimates of the adult population of El Salvador varied, with onchain analyst Willy Woo tweeting that Bitcoin’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorians.
Others placed the Salvadoran adult population as high as 6.5 million which is actually the total population.
However, crypto Twitter’s euphoria may be be slightly premature, as local publication Prensa Latina notes El Salvador’s citizens will only receive the free Bitcoin after downloading the government-issued cryptocurrency wallet application.
President Bukele also stated that the country’s much-celebrated Bitcoin law recognizing BTC as legal currency nationwide will come into effect on September 7.
El Salvador’s Bitcoin law was passed roughly two weeks ago. While the move has been praised by the global crypto community, the legislation has faced opposition from a minority political party and the World Bank.