Bitcoin Rises 8.5 Percent to $36,265 as El Salvador Adopts the Cryptocurrency as Legal Tender

Bitcoin price is up 30.8 percent from the year's low of $27,734 (roughly Rs. 20.2 lakhs).

Advertisement
By Reuters | Updated: 10 June 2021 11:44 IST
Highlights
  • Ether rose 2.29 percent to $2,566.4 (roughly Rs. 1.9 lakhs)
  • Bukele has touted use of Bitcoin for its potential to help Salvadorans
  • He added that the use of Bitcoin will be optional

On June 9, El Salvador became the first country in the world to formally adopt Bitcoin as legal tender

Bitcoin surged 8.54 percent to $36,265 (roughly Rs. 26.4 lakhs) on Wednesday, adding $2,853.31 (roughly Rs. 2 lakhs) to its previous close.

Bitcoin, the world's biggest and best-known cryptocurrency, is up 30.8 percent from the year's low of $27,734 (roughly Rs. 20.2 lakhs) on January 4. As of 10:12am on June 10, Bitcoin price in India stood at Rs. 26.9 lakhs.

Advertisement

Ether, the coin linked to the Ethereum blockchain network, rose 2.29 percent to $2,566.4 (roughly Rs. 1.9 lakhs) on Wednesday, adding $57.55 (roughly Rs. 4,200) to its previous close. As of 10:12am on June 10, Ethereum price in India stood at Rs. 1.9 lakhs.

On June 9, El Salvador became the first country in the world to formally adopt Bitcoin as legal tender after Congress approved President Nayib Bukele's proposal to embrace the cryptocurrency.

With 62 out of 84 possible votes, a majority of lawmakers voted in favour of the initiative to create a law that will formally adopt Bitcoin, despite concern about the potential impact on El Salvador's programme with the International Monetary Fund.

Bukele has touted the use of Bitcoin for its potential to help Salvadorans living abroad to send remittances back home, while saying the US dollar will also continue as legal tender.

Advertisement

"It will bring financial inclusion, investment, tourism, innovation, and economic development for our country," Bukele said in a tweet shortly before the vote in Congress, which is controlled by his party and allies.

He added that the use of Bitcoin, whose use will be optional, would not bring risks to users. Its use as legal tender will go into law in 90 days.

Advertisement

"The government will guarantee the convertibility to the exact value in dollars at the moment of each transaction," Bukele said.

El Salvador's dollarised economy relies heavily on money sent back from workers abroad. World Bank data showed remittances to the country made up nearly $6 billion (roughly Rs. 43,790 crores) or around a fifth of GDP in 2019, one of the highest ratios in the world.

Advertisement

© Thomson Reuters 2021


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.
 

Also seeCryptocurrency Prices across Indian exchanges

Get your daily dose of tech news, reviews, and insights, in under 80 characters on Gadgets 360 Turbo. Connect with fellow tech lovers on our Forum. Follow us on X, Facebook, WhatsApp, Threads and Google News for instant updates. Catch all the action on our YouTube channel.

Further reading: Bitcoin, cryptocurrency, Dogecoin
Advertisement

Related Stories

Popular Mobile Brands
  1. OnePlus Buds Clip Features, Colours Revealed Ahead of Expected Global Launch
  2. Oppo 22.5W 10,000mAh Power Bank Launched in India
  3. WhatsApp Reels Shortcut for Chats Rolling Out to Android Beta Testers
  4. iQOO Neo 12 to Launch With This Large Battery Next Week
  1. Star Wars: Battlefront 3 Reportedly in the Works at EA's Respawn and Dice Studios
  2. WhatsApp Reels Shortcut for Chats Rolling Out to Android Beta Testers
  3. OnePlus Buds Clip Features, Colours Revealed Ahead of Expected Global Launch
  4. Spotify Says Family Plan Verification Will Continue as It Tightens Account-Sharing Rules
  5. Ethereum Postpones Glamsterdam Testing as Developers Warn of Contract Risks
  6. Vivo X500 Ultra Global Launch Seems Likely as Phone Appears in IMEI Database; Could Get a Camera Downgrade
  7. OnePlus Ace 7, OnePlus Ace 7 Pro Design and Colour Options Revealed Ahead of China Launch
  8. Apple Reportedly Testing iPhone Duo 2 Prototype With Under-Display Face ID, Action Button: Mark Gurman
  9. Samsung Galaxy S27 Ultra, Galaxy S27 Pro Batteries Listed on Safety Korea With Images
  10. OpenAI’s GPT-6 Luna-Powered Decisions API Is Now Generally Available for Developers With Native GPT-Live Integration: Price, Capabilities
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2026. All rights reserved.