TL;DR Breakdown
- Google search for El Salvador hit ATH after legalizing BTC
- A bit about El Salvador
Days after Central American Country, El Salvador made Bitcoin a legal tender, the country is beginning to trend hitting a new all-time high on the number one search engine, Google.
The move to make Bitcoin a legal tender by the country meant that El Salvador would become the first in history to make the foremost crypto a legal tender.
El Salvador and Bitcoin
The Central American country is a small one with neighbors Honduras, Guatemala, and the Pacific Ocean.
The country has a population of 6.5 million and has struggled economically for years as it battle corruption and bad governance. Its current president, Nayib Bukele, who took office on June 1st, 2019, is in the course to improve things for the better in the country.
Bukele appears to be approaching the country’s problem in a unique and innovative way. He decided to snub economic help from global organizations like the IMF, rather he chose to introduce the law to make BTC a legal form of money in the country. The announcement came as a shock to the world when he unveiled the idea at the Bitcoin conference last week.
The development became official a few days later when 62 out of 84 votes went in favor. Additionally, El Salvador plans to address the ongoing environmental concerns by mining BTC by using the thermal energy of the country’s volcanos. And all of this transpired in the span of just one week.
Google says country has garnered global attention
The move has made the Central American country the topic of conversation over the week. Global financial firms like JP Morgan, IMF, BIS among others have continued to give their thought in the move.
People have also become curious about El Salvador and its plans, according to data from the largest search engine.
“El Salvador” queries on Google have skyrocketed in this particular week.
