El Salvador, the first country to make Bitcoin legal tender, and to adopt a Bitcoin investment strategy for its national treasury, has now accumulated over $400 million worth of Bitcoin.<\/p>\n
President Nayib Bukele led the effort to pass a law making Bitcoin legal tender in 2021. Since then, the country has purchased Bitcoin through daily and periodic purchases announced by Bukele on X. <\/p>\n
In addition to direct purchases, El Salvador also generates Bitcoin through a passport program, converts BTC to dollars for businesses, and mines Bitcoin, all of which demonstrates the country’s commitment to building a circular Bitcoin economy.<\/p>\n
Bukele recently revealed the government’s Bitcoin address for the first time to the public. Bukele has stated<\/a> that Bitcoin is held in a state-run “piggy bank” style cold storage vault. He also mentioned<\/a> that they will be buying 1 Bitcoin every day until “Bitcoin becomes unaffordable with fiat currencies.”<\/p>\n El Salvador has purchased over 5,700 BTC to date at an average price of around $42,700. With Bitcoin recently surging past $70,000, the country’s holdings are up nearly $80 million.<\/p>\n The president believes Bitcoin will help boost El Salvador’s economy through tourism, remittances, and foreign investment. Bitcoin’s fixed supply also stands to appreciate against the U.S. dollar over time.<\/p>\n Bukele has frequently touted Bitcoin on X, stating,” When Bitcoin’s market price was low, [critics] wrote literally thousands of articles about our supposed losses.” Now, with Bitcoin soaring, the investment is paying off.<\/p>\n While initially controversial, Bukele’s Bitcoin play now looks prescient. If adoption continues accelerating globally, El Salvador’s massive early investment could someday make it the world’s first Bitcoin-rich nation.<\/p>","protected":false},"excerpt":{"rendered":" El Salvador, the first country to make Bitcoin legal tender, and to adopt a Bitcoin investment strategy for its national treasury, has now accumulated over $400 million worth of Bitcoin. President Nayib Bukele led the effort to pass a law making Bitcoin legal tender in 2021. Since then, the country has purchased Bitcoin through daily […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-24521","post","type-post","status-publish","format-standard","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts\/24521"}],"collection":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/comments?post=24521"}],"version-history":[{"count":0,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/posts\/24521\/revisions"}],"wp:attachment":[{"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/media?parent=24521"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/categories?post=24521"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoins-101.com\/wp-json\/wp\/v2\/tags?post=24521"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}