Hot topics close

Bitcoin jumps above $37,000 after El Salvador passes law to adopt it as legal tender

On Wednesday, lawmakers in El Salvador passed a law that made bitcoin legal tender, making it the first country in the world to do so.

Chesnot | Getty Images

Other cryptocurrencies got a lift as well, and ether and XRP were both trading higher.

Bitcoin is still significantly off of its record high of $64,829.14 that was hit in April.

Bitcoin is known for wild price swings that have prompted critics to suggest it is not suitable to be an effective currency. El Salvador's case will be closely watched to see how bitcoin might work as a payments mechanism on a country-wide basis.

Similar news
  • El Salvador: First Nation to Recognize Bitcoin as Legal Tender
  • El Salvador plans bitcoin mining using geothermal energy
  • El Salvador first nation to make Bitcoin legal tender
  • Bitcoin bounces back as El Salvador votes to make it legal tender
  • El Salvador leader fights crime and virus, amid criticism
  • El Salvador leader fights crime and virus, amid criticism
  • El Salvador leader fights crime and virus, amid criticism
  • El Salvador leader fights crime and virus, amid criticism
  • El Salvador gangs: 'No ray of sunlight for inmates'
  • El Salvador gangs: 'No ray of sunlight for inmates'
  • El Salvador gangs: 'No ray of sunlight for inmates'
  • The President of El Salvador has authorized lethal force by police and military against gangs after a deadly weekend
  • The President of El Salvador has authorized lethal force by police and military against gangs after a deadly weekend
  • El Salvador's President Takes On The Country's Gangs Amid Coronavirus Pandemic
  • Shocking images show El Salvador prisoners crammed together in lockdown
This week's most popular news