President Nayib Bukele has said adopting Bitcoin will enhance, promote and improve the standard of living of millions of people.
If his decision is backed by congress, El Salvador will become the first country in the world to make BTC a legal tender.
President Bukele’s announcement has gained support from the likes of Strike and Binance’s Changpeng Zhao.
Speaking at a Bitcoin conference in Miami, the 39-year-old said adopting the cryptocurrency will have both short and long term benefits, including an increase in jobs and boosted investment in El Salvador.
He elaborated on those benefits in a series of tweets issued on June 6.
“#Bitcoin has a market cap of $680 billion dollars,” one of those tweets began. “If 1% of it is invested in El Salvador, that would increase our GDP by 25%. On the other side, #Bitcoin will have 10 million potential new users and the fastest growing way to transfer 6 billion dollars a year in remittances.”
President Bukele also went into details about the benefits of adopting BTC for the El Salvadoran people.
By using #Bitcoin, the amount received by more than a million low income families will increase in the equivalent of billions of dollars every year. This will improve lives and the future of millions.
“We hope that this decision will be just the beginning in providing a space where some of the leading innovators can reimagine the future of finance, potentially helping billions around the world.”
The president also adopted a new profile picture on his official Twitter account. The image now depicts him in official dress, but with laser eyes.