On June 5 President Nayib Bukele of El Salvador, announced that the first cryptocurrency, Bitcoin, would become a national currency in El Salvador. This is a global first.  Many people were skeptical at first, but he believed it could be useful for purchasing goods and services. 

The law was officially passed and went into effect on September 7th. At first, government officials in Salvador claimed that accepting Bitcoin would be optional. However, according to the Bitcoin Law, it is mandatory for citizens to accept it. New users would receive a bonus of $30 in Bitcoin after their first month. President Bukele presented the official bitcoin wallet which worked like paypal. This wallet was called Chivo, a Salvadoran slang word for cool. Chivo had 200 Chivo ATMs and 50 Chivo kiosks across the country. 

Many Americans however are skeptical about El Salvador’s decision, as it may influence other countries to do the same. Mr.Gosline, Lindenhurst High School Social Studies teacher, believes that, “Bitcoin is not regulated by any government or agency, so I’m unsure on how it is safe. Where does the value come from? Who determines the price? I don’t know if this will be around forever. I believe that if our government continues to further its debt, our future might be more involved in bitcoin as money will lose its value.” What do you think? Might we one day become like El Salvador? Is Bitcoin our future national currency?