Bitcoin Crashes On The First Day As Legal Tender In El Salvador

Angry protests, technological failures, and plummeting value marked the first day El Salvador adopted Bitcoin as legal tender. Bitcoin's price fell to its lowest level in nearly a month on Tuesday, dropping from $ 52,000 to less than $ 43,000 in a short space of time.

Read also: El Salvador Declares Bitcoin As Its Official Currency

An opposition politician said the fall caused one of the poorest countries in Latin America to lose $ 3 million . The launch of bitcoin in El Salvador was far from what President Nayib Bukele would have envisioned when he began his bold experiment. Platforms like Apple and Huawei were not offering the government-backed digital wallet, known as Chivo, and servers had to go offline after they couldn't keep up with user registrations. But, as the day progressed, Chivo began to appear on more platforms and was accepted by companies like Starbucks and McDonald's.

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The government has even given Salvadorans $ 30 each in Bitcoin to encourage its adoption. It was found that Bitcoin could save the country $ 400 million a year in transaction fees on funds sent from abroad.

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