Tag Archives: Tender

Entertainment

Bruce Willis and ex-wife Demi Moore pictured in tender family snap with daughter Tallulah

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Bruce Willis and ex-wife Demi Moore pictured in tender family snap with daughter Tallulah… nearly nine months after Die Hard star retired from acting due to aphasia diagnosis

By Christine Rendon For Dailymail.com

Published: | Updated:

Bruce Willis and his ex-wife Demi Moore were pictured sharing a sweet moment with their daughter Tallulah as they gathered for an intimate family dinner on Monday evening.

Tallulah, 28, shared a photo of her embracing her mother as her father stood nearby, sharing a moment with Demi’s dog Pilaf.

The post comes nearly nine months after the family announced Bruce’s retirement from acting due to his aphasia diagnosis, a disorder that effects the sufferers ability to speak and understand language.

‘I love my parents and my family’: Bruce Willis and his ex-wife Demi Moore were pictured sharing a sweet moment with their daughter Tallulah as they gathered for a family dinner on Monday evening

Tallulah couldn’t have looked any happier snuggling her mother as the two held the tiny chihuahua in their hands.

Adorably, Pilaf and Bruce seemed captivated by one another as they stared at one another.

‘the laser beam communication between Pilaf and Papa is stunning,’ Tallulah wrote in the caption, referencing their precious stares.

‘I love my parents and my family – I do I do I do!’ she gushed.

Let’s get together! Scout Willis also shared moments from their festive family gathering 

Aww! Emma Heming held hands with her husband as they sat beside one another 

Bruce and Demi’s other daughter, Scout Willis, shared a few more snaps from their festive dinner gathering.

She shared a photo of Bruce, tenderly clutching Pilaf, as he sat at the dinner table with Tallulah and his wife Emma Heming Willis.

‘Family dinner night,’ she wrote in the photo.

Scout also shared a photo of Bruce tenderly holding hands with Emma as they sat next to one another at the table.

Snacks! She also posted a photo of her half-sister snacking on a bowl of chips

She also posted a photo of her half-sister snacking on a bowl of chips. 

Bruce married Emma in 2009, and together they have daughters Mabel, 10, and Evelyn, eight. 

The Die Hard star was previously married to Moore from 1987 to 2000. They have daughters Rumer, 34, Tallulah, 28, and Scout, 31, together.

Earlier this year, Bruce’s family revealed he would be retiring from acting due to his diagnosis with aphasia.

‘To Bruce’s amazing supporters, as a family we wanted to share that our beloved Bruce has been experiencing some health issues and has recently been diagnosed with aphasia, which is impacting his cognitive abilities,’ they wrote.

‘As a result of this and with much consideration Bruce is stepping away from the career that has meant so much to him. This is a really challenging time for our family and we are so appreciative of your continued love, compassion and support.

‘We are moving through this as a strong family unit, and wanted to bring his fans in because we know how much he means to you, as you do to him,’ they added. ‘As Bruce always says, “Live it up” and together we plan to do just that.’

Earlier this year, Bruce’s family revealed he would be retiring from acting due to his diagnosis with aphasia

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Business

Musk to explore potential tender offer for Twitter, has $46.5B in committed financing for deal

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Tesla and SpaceX CEO Elon Musk at Tesla’s “Gigafactory” on March 22, 2022 in Gruenheide, southeast of Berlin.

Patrick Pleul | AFP | Getty Images

Elon Musk is exploring whether to commence a tender offer for Twitter, according to a new securities filing.

In an updated filing published on Thursday, Musk said that given the lack of response from Twitter’s board, he is now exploring a tender offer to purchase some or all shares of the company directly from its shareholders.

The filing says Musk has received commitments for $46.5 billion to help finance the potential deal. Musk has secured about $25.5 in debt financing through Morgan Stanley Senior funding and other firms, and Musk said he has committed about $21 billion in equity financing. The other participating firms include Bank of America, Barclays, MUFG, Societe Generale, Mizuho Bank and BNP Paribas.

Musk has not yet determined he will make a tender offer for Twitter or whether he will take other steps to further the proposal, the filing states.

Last week, Musk offered to buy Twitter for $54.20 a share, or about $43 billion. On Friday, Twitter adopted a limited duration shareholder rights plan, often referred to as a “poison pill,” in an effort to fend off a potential hostile takeover.

Musk, who’s CEO of Tesla and SpaceX, in recent weeks has amassed a more than 9% stake in the company. Twitter then extended an offer to Musk to join the board, but on the condition that Musk couldn’t buy more than 14.9% of the firm. Musk reversed course and instead made a bid to take Twitter private.

This is breaking news. Please check back for updates.

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Entertainment

Nicole Kidman receives a tender kiss from husband Keith Urban at The Northman premiere

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Nicole Kidman and husband Keith Urban looked every inch the happy couple while holding hands at the premiere of her historical action drama film The Northman at the TCL Chinese Theatre in Hollywood on Monday night.

In addition to posing for a number of photos with their arms wrapped around each other, the Big Little Lies actress and country star, both 54, exchanged loving glances while he placed a tender kiss on her cheek.

While her man rocked a classic all-black suit and tie, the Oscar winner rocked a figure-hugging, lime green gown adorned sparkles and pink feathers on the shoulders from Prada and Orlov jewelry. 

Date night: Nicole Kidman and husband Keith Urban look every inch the happy couple while holding hands at the premiere of her historical action drama film The Northman at the TCL Chinese Theatre in Hollywood on Monday night

Kidman accessorized her bold frock with a silver clutch and her auburn hair tied up into an elegant style, with a few curly strands left down to softly frame her flawless features. 

Her glamorous makeup look consisted of a gorgeous healthy-looking glow, nude lipstick, black eyeliner and two massive diamond rings.

As the couple, who wed in 2006, enjoyed a rare date night away from their two daughters, Sunday Rose, 13, and Faith Margaret, 11, the lovebirds shared a sweet kiss in front of photographers. 

Affectionate: The hitmaker notably planted a kiss on his wife’s cheek during the star-studded premiere

Beautiful: Kidman accessorized her bold frock with a silver clutch and her auburn hair tied up into an elegant style, with a few curly strands left down to softly frame her flawless features

Radiant: Her glamorous makeup look consisted of a gorgeous healthy-looking glow, nude lipstick, black eyeliner and two massive diamond rings

Locking lips: As they enjoyed a rare date night away from their two daughters, Sunday Rose, 13, and Faith Margaret, 11, the lovebirds shared a sweet kiss in front of photographers

On her Instagram, the mother-of-four gushed that she was ‘excited to reunite with’ her fellow cast and crew ‘at the premiere of TheNorthman tonight.’

Kidman stars in the film, about a Viking prince (Alexander Skarsgard) seeking vengeance, will hit theaters nationwide on April 22.

The duo are joined by a diverse all-star cast including Claes Bang, Anya Taylor-Joy, Ethan Hawke, Björk and Willem Dafoe. 

Glowing: On her Instagram, the mother-of-four gushed that she was ‘excited to reunite with’ her fellow cast and crew ‘at the premiere of TheNorthman tonight’

Coming soon: Kidman stars in the film, about a Viking prince (Alexander Skarsgard) seeking vengeance, which will hit theaters nationwide on April 22

In good company: The duo are joined by a diverse all-star cast including Claes Bang, Anya Taylor-Joy, Ethan Hawke, Björk, and Willem Dafoe

Earlier this week, Skarsgard spoken about his enduring working relationship with Kidman.

In an interview with the Herald Sun on Tuesday, the 45-year-old actor joked that they ‘sure can pick ’em’ after they teamed up for yet another violence-filled project.

He added that their next project should probably be a ‘sweet romantic comedy’, and insisted there was no better screen partner than her.

Longtime love: Kidman’s husband showed his support by sticking by her side

Prominent PDA: The happy couple also got very close to one another while speaking on the premiere’s red carpet

Color coordination: The bright tones of the actress’ outfit contrasted perfectly with her husband’s jet-black clothing

Staying close: The pair also held hands while spending time at the star-studded event

‘It’s another very dark, twisted, dysfunctional relationship. But that’s kind of where you wanna go with someone like Nicole, because she’s so tremendous to work with,’ he said of their latest project.

‘That relationship on Big Little Lies demanded complete trust between us, ‘cos it was so tough to shoot those scenes. I can’t imagine a better partner on that journey, and again on The Northman.’

Alexander previously spoke about his friendship with Nicole and the high level of trust between them in an interview with Vanity Fair in March 2017.   

History repeats: In an interview with the Herald Sun on Tuesday, the 45-year-old actor joked that they ‘sure can pick ’em’ after they teamed up for yet another violence-filled project. Pictured with Nicole Kidman at the Emmy Awards in Los Angeles in September 2017

The Swedish actor discussed playing Nicole’s abusive husband in the TV series Big Little Lies, and said they’d ‘spent time’ together ‘working on our relationship’.

‘It was all about building that trust, finding your connection, jumping off the ledge, and seeing where it takes you,’ he explained.

Alexander added that it was ‘definitely tough shaking that off’, and said they’d always make a point of ‘checking in with each other’ after a difficult scene.

Ready for a change: He added that their next project should probably be a ‘sweet romantic comedy’, and insisted there was no better screen partner than Nicole. Pictured together in Big Little Lies

‘It was very important to reconnect after shooting those scenes. We made a point of checking in with each other, giving each other a hug,’ he said. 

‘Nicole is an incredible partner because she is so generous and so open and it makes it easier as an actor when you have a partner like that.’  

Meanwhile, Nicole also spoke about filming volatile scenes with Alexander in an interview with W Magazine in January 2018.  

Kiss and tell: Nicole previously addressed their controversial kiss on the lips at the Emmys (pictured) in September 2017 after Alexander won the award for Best Supporting Actor in a Limited Series or Movie for his role in Big Little Lies

‘There were times on that set when it was intense. But he and I communicated. There had to be such safety and such honesty and such raw vulnerability there that we have a different connection,’ she said.

She also addressed their controversial kiss on the lips at the Emmys in September 2017 after Alexander won the award for Best Supporting Actor in a Limited Series or Movie for his role in Big Little Lies. 

‘I’d kissed him many, many times on the set. Much more than that. So that was just my way of going, in the moment – we were both shocked and we were like, “Oh, my gosh, I’m so glad you won.” Because I know what he put into that role,’ she said.

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Business

Costs of Making Bitcoin Legal Tender Exceed Potential Benefits – Regulation Bitcoin News

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The International Monetary Fund (IMF) has told El Salvador that the costs of implementing the country’s Bitcoin law, which makes the cryptocurrency legal tender, exceed the potential benefits. The IMF has also urged El Salvador to dissolve the “Fidebitcoin” trust fund and start charging fees for services provided by the government’s Chivo digital wallet.

IMF’s Recommendations for El Salvador

The International Monetary Fund (IMF) published a 114-page report on El Salvador Friday with a dedicated section on bitcoin as legal tender and the government’s Chivo digital wallet “as a new means of payments.”

El Salvador became the first country to adopt bitcoin as an official currency with legal tender status alongside the U.S. dollar in September last year. The IMF report notes that the Salvadoran government’s Chivo wallet, which can be used for dollars and BTC, has “amassed a sizeable number of clients, 3.8 million, although it is unclear how many are using bitcoin in their transactions or holding balances in bitcoin.”

The report explains that under El Salvador’s Bitcoin law, “a trust fund, Fidebitcoin, endowed with US$150 million has been established to guarantee the conversion” between bitcoin and dollars. The funds have been primarily used to finance the launch of Chivo, the report states.

According to the IMF:

In the near-term, the actual costs of implementing Chivo and operationalizing the Bitcoin law exceed potential benefits.

The IMF estimates that the short-term budgetary costs are 1% of GDP for 2021-2022 while near-term gains may measure up to ¼% of GDP per year.

The report also outlines the risks of adopting bitcoin as legal tender, stating:

By adopting bitcoin as legal tender considerable risks are introduced to financial stability, financial and market integrity, and consumer protection … If the use of bitcoin increases significantly, it can risk the dollarization regime that has proven to be [a] successful nominal anchor for the economy.

To “address the risks from using bitcoin as legal tender,” the IMF recommends “narrowing the Bitcoin law’s scope, at the minimum by removing bitcoin’s legal tender status, and making explicit its strictly voluntary nature for all type of transactions.”

The International Monetary Fund added that “Three other areas require prompt corrective measures.” Two of the areas are “Developing strict Chivo’s regulatory oversight” and “Safeguarding financial stability and adapting the banking regulatory frameworks.”

The third area that needs immediate corrective measures is “Containing the budgetary costs.” For this, the IMF wrote:

Staff recommends … making Chivo a self-funded company (charging fees for services provided). Staff also recommends ending US$30 subsidy to every new Chivo user and liquidating Fidebitcoin — returning unused funds to the Treasury.

What do you think about the IMF’s recommendations for El Salvador? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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Sports

Tender Deadline Signings: 11/30/21 – MLB Trade Rumors

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With the deadline to tender contracts to arbitration-eligible players looming tonight at 8pm ET — the MLBPA and MLB jointly agreed to move the deadline up a couple days due to the looming expiration of the collective bargaining agreement — we’ll likely see a slew of arbitration-eligible players signing one-year deals.

It’s commonplace for a large batch of players to sign deals in the hours leading up to the tender deadline. “Pre-tender” deals of this nature often fall shy of projections due to the fact that teams use the looming threat of a non-tender to enhance their leverage. Arbitration contracts at this juncture are often take-it-or-leave-it propositions, with the “leave it” end of that arrangement resulting in the player being cut loose. Given the widely expected lockout, there could be more incentive than usual for borderline non-tender candidates to take those offers rather than being cast out into free agency just ours before a transaction freeze is implemented.

As a reminder, arbitration contracts are not fully guaranteed. In a typical year, a team can cut a player on an arb contract at any point before the halfway point in Spring Training and only be responsible for 30 days’ termination pay (about one-sixth of the contract). Releasing a player in the second half of Spring Training bumps the termination pay to 45 days of his prorated salary.

MLBTR contributor Matt Swartz projected salaries for each team’s arbitration-eligible players last month, although for many of the players listed below, this isn’t so much avoiding arbitration as it is avoiding a non-tender. Here’s a look at today’s agreements…

  • The Braves signed outfielder Guillermo Heredia to a one-year deal worth $1MM, tweets Ken Rosenthal of The Athletic. Heredia, 32 in January, played a larger role than expected in 2021 given the general tumult in the Atlanta outfield. His .220/.311/.354 batting line isn’t much to look at, but he was a solid hand against lefties (.258/.330/.427) and is a capable defender at all three outfield slots.
  • The Brewers announced that infielder/outfielder Jace Peterson signed a one-year contract. The 31-year-old was arbitration-eligible for the final time after hitting .247/.348/.368 through 302 plate appearances. Peterson split his time between second base, third base, first base and the outfield with Milwaukee in 2021, and that versatility likely tickets him for a utility role again in 2022.
  • Phillies reliever Seranthony Dominguez signed a one-year deal worth $725K today, tweets Rosenthal. That represents a rare pay cut in arbitration — albeit only by $3,000 — which is understandable after Dominguez missed nearly the entire season while recovering from 2020 Tommy John surgery. He made it back to the mound for one inning in the season’s final game, and Dominguez should be counted on to play a large role in the relief corps next season. In 83 2/3 MLB innings, Dominguez has a 3.23 ERA and a huge 30.3% strikeout rate against a 9.9% walk rate. He saved 16 games for the Phils as a rookie in 2018.
  • Right-hander John Brebbia and the Giants agreed to a one-year deal worth $837,500, Rosenthal tweets. The 31-year-old signed an $800K deal with San Francisco last winter after being non-tendered by St. Louis on the heels of Tommy John surgery. Brebbia returned to throw 18 1/3 innings in 2021 but was tattooed for a 5.89 ERA in that brief time. That said, his 22-to-4 K/BB ratio was excellent, and Brebbia held a 3.14 ERA and 3.39 FIP through 175 career innings in three seasons with the Cards. Given that track record and strong K-BB%, it’s not surprising that the Giants would want to take another look.
  • Zach Buchanan of The Athletic tweets that the Diamondbacks avoided arbitration with reliever J.B. Wendelken, signing him to a one-year deal worth $835K. The 28-year-old Wendelken was somewhat surprisingly designated for assignment in Oakland this summer despite a solid track record, and the D-backs pounced on him with the top waiver priority in the game. Wendelken posted a 4.33 ERA in 43 2/3 innings this season but carries a more impressive 3.05 ERA and 3.42 FIP with a 24% strikeout rate and 9.5% walk rate over his past 118 big league frames.



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Sports

MLB, MLBPA Agree To Move Tender Deadline Up To November 30

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Major League Baseball and the MLB Players Association have agreed to move this year’s deadline for teams to tender contracts to arbitration-eligible players up from December 2 to November 30 at 8:00 pm EST, according to reports from Robert Murray of FanSided and Ken Rosenthal of the Athletic (Twitter links).

The decision moves the tender deadline before the expiration of the current collective bargaining agreement, which is scheduled to happen at 11:59 pm EST on December 1. If a new agreement is not reached within the next eight days, it’s generally expected that the league would institute a lockout and subsequent transactions freeze. The MLBPA recently put together a 36-page document outlining the potential parameters of a lockout for players and their representatives, according to a report from Evan Drellich and Rosenthal.

Leaving the tender deadline on December 2 would’ve left arbitration-eligible players in a state of limbo over the course of a potential transactions freeze. Many could’ve been left with uncertainty about whether their current clubs intended to bring them back next season while awaiting a bargaining process that could take weeks or months to resolve.

Against that backdrop, the final few hours of the current CBA could present a hectic time for teams eager to finalize moves before the potential transactions freeze. Certain players, meanwhile, might feel pressure to sign contracts for 2022 rather than risk having to linger in free agency over the course of a lockout and face a potential rushed free agent period were CBA negotiations to linger near or into next year’s Spring Training. By forcing teams to make the final call on their arbitration-eligible players early, some non-tendered options could look to catch on with a new club on December 1 and avoid that uncertainty altogether.



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Business

IMF Warns El Salvador Against Using Bitcoin as Legal Tender After ‘Bitcoin City’ Announcement – Regulation Bitcoin News

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The International Monetary Fund (IMF) has warned El Salvador against using bitcoin as legal tender due to various risks associated with cryptocurrency. The warning came one day after Salvadoran President Nayib Bukele announced his plan to build a “bitcoin city” powered by a volcano and financed by bitcoin bonds.

IMF Says El Salvador Shouldn’t Use Bitcoin as Legal Tender

The International Monetary Fund (IMF) warned El Salvador on Monday that the country should not use bitcoin as legal tender, citing various risks associated with the cryptocurrency.

El Salvador is the first country in the world to adopt bitcoin as legal tender alongside the U.S. dollar which it has used for two decades. The country’s bitcoin law went into effect in September. Furthermore, El Salvador has purchased 1,120 BTC, according to Salvadoran President Nayib Bukele.

The IMF regularly undertakes Article IV missions to member countries to consult with government officials before they request to use its resources. The IMF explained that for El Salvador, “The adoption of bitcoin as legal tender, the regulation and supervision of bitcoin services providers, and e-wallet Chivo were also discussed.”

In its “Staff Concluding Statement of the 2021 Article IV Mission” for El Salvador, the IMF detailed:

Given bitcoin’s high price volatility, its use as a legal tender entails significant risks to consumer protection, financial integrity, and financial stability. Its use also gives rise to fiscal contingent liabilities. Because of those risks, bitcoin should not be used as a legal tender.

The IMF proceeded to recommend “narrowing the scope of the bitcoin law” and urged El Salvador to strengthen “the regulation and supervision of the new payment ecosystem.”

The recent statement from the IMF came one day after President Bukele announced a plan to build the world’s first bitcoin city powered by a volcano and financed by bitcoin bonds. He noted there would not be any taxes in the bitcoin city except for value-added tax (VAT).

“The plans to issue sovereign bonds and use the proceeds to buy bitcoin and fund infrastructure plans announced on November 20, occurred after the technical work of the mission concluded, and were not discussed with the authorities,” the IMF clarified.

Commenting on the IMF’s statement, Bukele said:

Although we obviously do not agree on some things, such as the adoption of bitcoin, the analysis it makes of our country is interesting.

What do you think about the IMF advising El Salvador against using bitcoin as legal tender? Let us know in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.



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Business

Cryptocurrency latest news – Bitcoin legalized by Ukraine after El Salvador adopts it as legal tender

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WHAT HAS BEEN THE RESPONSE TO BITCOIN BECOMING EL SALVADOR’S NATIONAL CURRENCY?

Proponents of El Salvador’s decision have hailed the move as the progressive future of money.

Critics, however, have derided it as little more than a publicity stunt by Bukele.

More troublingly, they say the move poses substantial financial risks to ordinary Salvadorians and their country, as cryptocurrency is an infamously volatile market.

Indeed, the nation’s cryptocurrency rollout got off to a rocky start yesterday with Bitcoin plunging more than 10 percent, seeing its value drop from $52,5000 to $44,000, on its first day as El Salvador’s official currency.

But Bukele has argued that adopting Bitcoin will allow more Salvadorians, about 70 per cent of whom don’t have bank accounts, into the formal economy. 

“Who’d be against something that helps the people and doesn’t do any harm?” he said of his critics. “They’re probably politically motivated.”

He also argued that it would make it faster and cheaper to receive money from family living abroad.

El Salvador’s economy relies heavily on the remittance market, representing around 20 percent of the nation’s GBP, or around $6billion annually, according to Forbes.

Around 95 per cent of remittances are sent from Salvadorans working in the US to their families back in their native country.

But service charge fees for such transfers can make up a significant chunk of the portion sent, particularly with smaller transfer amounts.



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Business

Bitcoin Price Drops With El Salvador Legal Tender Law

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The below is from the latest monthly report by the Deep Dive, Bitcoin Magazine‘s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

On quite the momentous occasion, a day when the first country officially adopted bitcoin as legal tender, the price plunged $10,000 from the recent prior highs, at one point down nearly 20% intraday.

So, what happened? Cascading liquidations.

During a day when bitcoiners around the world agreed to buy $30 worth of bitcoin in solidarity with El Salvador, it ultimately proved to not matter in terms of price action while going up against a nasty derivative market unwind.

In particular, BTC-margined futures contracts can be blamed, due to convexity associated with declining trading profit/loss and declining collateral value. During the unwind, open interest in BTC-margined futures declined by 17,000 BTC (about $800 million) in a little over one hour’s time.

Bitcoin: Futures Open Interest BTC Margined 

Also notable was funding on perpetual-swap contracts dipped negative for the first time in a little over a month.

Bitcoin: Perpetual Futures Funding Rate 

In particular, funding on bitcoin-margined contracts were the most negative, with USD-margined contracts witnessing less of a severe outcome.

Also noteworthy was the relative bid on Coinbase that followed the sell-off, with the basis between BitMEX XBT-USD and Coinbase BTC-USD hovering at around -0.25% for a meaningful amount of time.

This shows that North American buyers in particular were leading the charge in cleaning up the mess and scooping up coins on the spot markets (given that Coinbase does not have a derivatives platform).

 



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Business

Bitcoin price jumps as El Salvador prepares to adopt the cryptocurrency as legal tender

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President Nayib Bukele announced late Monday that his government has purchased another 200 bitcoins ahead of El Salvador’s formal adoption of the currency. El Salvador now holds 400 bitcoins, which are worth nearly $21 million at current trading levels.

From Tuesday, bitcoin will be used as legal tender in El Salvador alongside the US dollar. Bukele tweeted that the country’s brokers “will buy much more as the deadline approaches.”

The law designating bitcoin as legal tender says that all “economic agents” shall accept the cryptocurrency as a form of payment. It also says that tax payments can be made in bitcoin.

Salvadorans will also be able to download the “Chivo Wallet”, an application created by the government which will deliver $30 worth of bitcoin to people to promote its use.

“The process of #Bitcoin in El Salvador has a learning curve. Every step toward the future is like this, and we will not achieve everything in a day, nor in a month,” Bukele tweeted. “But we must break the paradigms of the past.”
Bukele, a right-wing populist who rose to power in 2019, announced the plan to start using bitcoin in June. He said back then that El Salvador partnered with digital finance company Strike to establish the logistics of the decision.

Strike CEO Jack Mallers said at the time that more than 70% of El Salvador’s “active population” did not have a bank account.

“They asked me to help write a plan and that they viewed bitcoin as a world-class currency and that we needed to put together a bitcoin plan to help these people,” he added.

Cryptocurrencies are held in digital wallets, rather than through a traditional bank account — meaning that people in poorer communities with less access to banks could use bitcoin as a way to gain increased access to their finances.

However, social organizations have asked the Salvadoran government to repeal the law, largely because they fear the volatility of the cryptocurrency.

While the price of bitcoin has lately been trending back toward the all-time high of nearly $65,000 it hit in April, it suffered a dramatic crash earlier this summer, when it lost more than half its value.

Other, more thinly traded cryptocurrencies are even more volatile, trading up and down like seesaws — often based on speculation or meme tweets from Tesla (TSLA) CEO Elon Musk.

El Salvador’s government is betting that through the use of bitcoin as legal tender, new investments may be attracted. Authorities also hope to reduce commissions paid for sending remittances from abroad.

According to the Central Reserve Bank of El Salvador, the country last year received remittances worth just over $5.9 million.

— Joshua Berlinger and Jill Disis contributed to this report.



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