Bitcoin Sees a 13% Jump on El Salvador Adopting the Crypto as Legal Tender

The leading digital currency, Bitcoin, saw a jump of 13% on Wednesday after the world learned that El Salvador had passed a law to adopt the cryptocurrency as legal tender.

Bitcoin was trading at $37,176.44 at around 11:42 p.m. ET, up 13% from the previous 24 hours, according to CoinDesk data.

Lawmakers in El Salvador had passed a law that made bitcoin legal tender which means prices can now be shown in bitcoin and tax contributions can be paid with the digital currency.

The country, which is now the first to make Bitcoin a legal currency, has additionally landed a partnership with digital wallet company Strike, to build the country’s modern financial infrastructure using bitcoin technology.

The country’s president Nayib Bukele tweeted, “The #BitcoinLaw has been approved by a supermajority in the Salvadoran Congress. History! #BTC”

Ahead of the vote, Bukele tweeted that adoption would bring “financial inclusion, investment, tourism, innovation and economic development for our country.”

He had previously said the law would boost financial inclusion for the roughly 70 percent of Salvadorans who don’t have bank accounts. It could also help to speed up money transfers for the country which heavily relies on remittances from migrants.

Bitcoin is still a long ways off from its record high in April when it hit $64,829.14.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.