On Bitcoin Adoption's First Day, 'Chaos'... Over 1,000 Protesters Oppose in El Salvador

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Yuri Kim] On the 7th (local time), the first day El Salvador adopted the cryptocurrency Bitcoin as legal tender, more than 1,000 protesters took to the streets opposing the adoption of the cryptocurrency as legal currency.

According to major foreign media, about 1,000 citizens opposing the adoption of Bitcoin as legal tender held a protest in the capital, San Salvador, on that day. The government deployed heavily armed police to suppress the protest, but the protesters resisted by burning tires and setting off fireworks in front of the Supreme Court of El Salvador.

The citizens participating in the protest raised their voices against Bitcoin, pointing out that it is a currency that does not apply to street vendors, merchants, and bus drivers. It is known that many Salvadorans are wary of the volatility of cryptocurrencies, which can lose hundreds of dollars in value in a single day.

As El Salvador experienced turmoil on the first day of Bitcoin adoption, the price of Bitcoin fell by about 10%. According to cryptocurrency information site CoinDesk, Bitcoin rose to around $52,700 as of 7 p.m. Pacific Time on the 6th, marking the highest price since May, but plunged to $46,224 within a day.

President Nayib Bukele of El Salvador purchased 400 Bitcoins worth about $20 million before the adoption of Bitcoin, and on this day, he also bought an additional 150 Bitcoins, saying he was buying at a low price.

This content was produced with the assistance of AI translation services.