Three months ago, this small Central American nation passed a bill to make Bitcoin legal tender. Today, that law became effective, and President Nayib Bukele announced that his country had taken advantage of the flash crash to buy more Bitcoin.
It all started on June 5 when Zap Solutions (a Bitcoin payments startup that uses the Lightning Network) Founder and CEO Jack Mallers — who helped with drafting the bill — made the announcement at Miami’s Bitcoin 2021 conference.
During his talk, an emotional Mallers presented a recorded video message from President Bukele and read out a small passage from the proposed bill. Mallers went on to say that his firm would be opening an innovations centre in El Salvador with the help of Blockstream.