In what could be the start of a seismic shift of fortunes for Bitcoin holders around the world, President Nayib Bukele’s proposal to adopt Bitcoin as El Salvador’s national currency is on the brink of becoming reality as the country’s unicameral legislative assembly voted overwhelmingly in favor of his bill, just hours after it was introduced late Tuesday night.
Last Saturday, at Bitcoin 2021 in Miami, Bukele announced in a pre-recorded video that El Salvador was in the process of adopting Bitcoin as legal tender — a move that would make the Central American country the first in the world to classify BTC as an official national currency. With Bukele’s political party — Nuevas Ideas — holding a supermajority of the legislative assembly, the bill passed easily, with 62 out of 84 possible votes. The bill will now be sent back to Bukele to sign into law within the next 10 days.
