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World's largest and most popular cryptocurrency Bitcoin, scaled $50,940 (roughly Rs. 37.23 lakhs) on Monday (September 6) afternoon. The price of the cryptocurrency touched $51,809.55 (roughly Rs 37.87 lakh). This is the highest ascent for the currency since May when it took a downturn after reaching a record high of $65,000 (roughly Rs 47.51 lakh). 

After consolidating for a few months since May on August 23, Bitcoin had touched $50,505 (roughly Rs. 36.91 lakhs). In the last couple of weeks, Bitcoin had been trading between $46,500 and $50,000 (roughly Rs. 34 lakh to Rs. 37 lakh). Bitcoin price in India at 6pm on September 6 was around Rs. 39,60,000.

On a side note, in June, a proposal by El Salvador's President Nayib Bukele to embrace the cryptocurrency as a legal tender had received approval. Bitcoin's rise above $50,000 on Monday comes just a day prior to the South American nation's plan to recognise the cryptocurrency. The law will take effect tomorrow (September 7).

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El Salvador became the first country to adopt the world’s largest cryptocurrency, Bitcoin as legal tender, alongside the U.S. dollar on Wednesday. 

Under the law, Bitcoin must be accepted by firms when offered as payment for goods and services. Tax contributions can be paid in the cryptocurrency. President Nayib Bukele mentioned, El Salvador would offer citizenship to people who will show evidence that they had invested in at least three Bitcoins.

The bill will go into law within 90 days.  Though the use of Bitcoin will be optional for individuals and would not bring risks to users.