The cryptocurrency is up from a low price of about $31,000.
A supermajority of the El Salvadoran legislature voted to adopt bitcoin as legal tender early Wednesday morning.
The government would also create a trust that would enable the “instantaneous convertibility of bitcoin to dollars,” the bill said.
Some El Salvadoran residents are excited by the thought of bitcoin being treated as legal tender, while others are concerned it may just be a tool for corrupt officials.
What does it mean for a country like El Salvador to adopt bitcoin as "legal tender"? It depends on whom you ask, says our columnist.
Miguel Kattán, a member of President Nayib Bukele’s cabinet, sought to reassure Salvadorans fearful of a full pivot to a bitcoin standard.
El Salvador's Nayib Bukele has built a career by courting the vulnerable while attacking the establishment. Now he wants bitcoin as legal tender.
El Salvador's announcement was largely ignored by markets, possibly due to the country's small size, analysts say.
El Salvador decided decades ago it didn’t trust itself to manage its own currency. Lately, it may have reason not to trust Washington either.
Yellen's rate-hike comments and lingering China regulatory concerns dominate market sentiment.
An emotional Jack Mallers announced the news at the Bitcoin 2021 conference in Miami.
Salvadorans can now use Strike to receive remittances from their families abroad without the added hassle of currency conversion. The EU is next.