The president of El Salvador has announced the government will airdrop $30 worth of Bitcoin (BTC) to every adult citizen of the country. The announcement was welcomed by Bitcoiners, with influencers speculating that El Salvador’s government will need to purchase the required BTC it intends to distribute adding more than $100 million in buying pressure on markets.
Quickly googled estimates of the adult population of El Salvador varied, with on-chain analyst Willy Woo tweeting that Bitcoin’s global user base will grow by 2.5% thanks to the influx of 4.5 million Salvadorans.
Others placed the Salvadoran adult population as high as 6.5 million (which is actually the total population), with Yahoo Finance anchor Zack Guzman using the figure for some rough, back-of-the-envelope calculations, suggesting that $195 million worth of Bitcoin will be airdropped across the country.
Exact figures are hard to find, but Statista shows that in 2019, the population aged 15 and above was 4.72 million.
U.S. company Athena intends to supply El Salvador’s new crypto-based economy with 1500 Bitcoin ATMs, a company representative has confirmed. The rollout will start small, trialing a few dozen machines to establish a business model. The Chicago headquartered firm plans to invest more than $1 million to install cryptocurrency ATMs, targeting regions where residents receive remittances from abroad.
Along with installing the new machines it will also hire staff and open an office to carry out operations in El Salvador. Athena currently operates just two ATMs of this type in El Salvador, one at El Zonte beach as part of an experiment called “Bitcoin Beach” aimed at making the town one of the world's first crypto economies, and the other in El Tunco, according to CNN.
Athena's director for Latin America, Matias Goldenhörn, told Reuters that Salvadorian President Nayib Bukele had “presented us with a tough challenge of 1,500 ATMs, we will go for that, but in phases. We are a private company and we want to ensure that our development in the country is sustainable.”
Yield Guild Games, also known as YGG, has received the backing of several venture firms and angel investors as it embarks on a mission to expand its network and popularize the play-to-earn gaming model.
The $4 million cash injection will be used to invest in nonfungible token, or NFT, assets of play-to-earn games, the company announced Wednesday. YGG describes itself as a decentralized gaming guild of players who generate yield from NFT-based games.
Gabby Dizon, YGG’s co-founder, further explained the rationale behind the guild:
“At its core, YGG is a community of play-to-earn gamers. Think of it as a massively multiplayer online (MMO) guild, for example, but operating across several games, investing in yield-generating NFTs within those games, and lending those in-game assets and inventory out to our player base.”