El Salvador's Bitcoin Ruling: Adoption Tracking One Year Later
El Salvador made history last year in September by making BTC legal tender. A year later, falling BTC prices and lagging volcanic bonds have fueled skepticism.
El Salvador, the tiny Central American country that made history just over a year ago when it created Bitcoin (BTC), recently celebrated its first year of adoption BTC.
The Salvadoran government introduced BTC as a tool to attract foreign investment, create new jobs, and reduce reliance on the US dollar in the country's economy at the time of its adoption. Many BTC supporters and the libertarian community have rallied behind the tiny nation despite growing pressure from global organizations such as the World Bank and International Monetary Fund (IMF) to remove BTC as legal tender.
A lot has changed in the past year since El Salvador became the first “Bitcoin nation”. Public enthusiasm and interest increased immediately after BTC's recognition, with the price reaching new heights.
Salvadoran President Nayib Bukele joined the growing league of Bitcoin supporters to buy several market declines and even reaped the benefits of their early BTC purchase as the country built schools and hospitals with his profits.
As market conditions turned bearish, however, the frequency of BTC buying slowed, and the president, who was often seen interacting with the crypto community on Twitter and sharing future Bitcoin endeavors, drastically reduced his interactions on social networks.
El Salvador has purchased 2,301 BTC since last September for around $103.9 million. This bitcoin is currently worth around $45 million. The most recent purchase was made in mid-2022 when the nation bought 80 BTC at $19,000 apiece.
As the price of BTC tumbled, critics who have long worried about a crypto bubble felt validated, with several “I told you so” comments. However, market experts believe that El Salvador's BTC experiment is far from a failure.
El Salvador's Volcanic Bitcoin Bond, a project to raise $1 billion from investors to build a Bitcoin city, has...
El Salvador made history last year in September by making BTC legal tender. A year later, falling BTC prices and lagging volcanic bonds have fueled skepticism.
El Salvador, the tiny Central American country that made history just over a year ago when it created Bitcoin (BTC), recently celebrated its first year of adoption BTC.
The Salvadoran government introduced BTC as a tool to attract foreign investment, create new jobs, and reduce reliance on the US dollar in the country's economy at the time of its adoption. Many BTC supporters and the libertarian community have rallied behind the tiny nation despite growing pressure from global organizations such as the World Bank and International Monetary Fund (IMF) to remove BTC as legal tender.
A lot has changed in the past year since El Salvador became the first “Bitcoin nation”. Public enthusiasm and interest increased immediately after BTC's recognition, with the price reaching new heights.
Salvadoran President Nayib Bukele joined the growing league of Bitcoin supporters to buy several market declines and even reaped the benefits of their early BTC purchase as the country built schools and hospitals with his profits.
As market conditions turned bearish, however, the frequency of BTC buying slowed, and the president, who was often seen interacting with the crypto community on Twitter and sharing future Bitcoin endeavors, drastically reduced his interactions on social networks.
El Salvador has purchased 2,301 BTC since last September for around $103.9 million. This bitcoin is currently worth around $45 million. The most recent purchase was made in mid-2022 when the nation bought 80 BTC at $19,000 apiece.
As the price of BTC tumbled, critics who have long worried about a crypto bubble felt validated, with several “I told you so” comments. However, market experts believe that El Salvador's BTC experiment is far from a failure.
El Salvador's Volcanic Bitcoin Bond, a project to raise $1 billion from investors to build a Bitcoin city, has...
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