El Salvador Celebrates Bitcoin's Anniversary: A Year of Ups and Downs
Bitcoin's first anniversary in El Salvador comes as BTC loses over 60% of its value in a year, but that doesn't mean really that the country's bitcoin the test failed.
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Sept. The 7th, 2022 marks exactly one year since El Salvador became the first country in the world to adopt Bitcoin (BTC) as legal tender by enforcing the Bitcoin Law.
Last year, in advocating for Bitcoin to be legal tender, Salvadoran President Nayib Bukele promised that Bitcoin adoption would benefit the 70% of the local population who would not have access to banking services from 2021.
The Salvadoran government has also promoted Bitcoin as a tool to attract foreign investment, create new jobs, and reduce reliance on the US dollar in the country's economy.
The current real benefits of bitcoin adoption in El Salvador are questionable, as bitcoin has lost approximately 60% of its value since the country adopted cryptocurrency as legal tender.
> [embedded content]Exactly on this day a year ago, BTC was trading at around $46,000, according to data from CoinGecko. On September 6, 2021, the Salvadoran government made its first purchase of Bitcoin, buying 200 BTC at $10.36 million, or an average price of $51,800. This is in stark contrast to current BTC prices, as
Bitcoin's first anniversary in El Salvador comes as BTC loses over 60% of its value in a year, but that doesn't mean really that the country's bitcoin the test failed.
New
Sept. The 7th, 2022 marks exactly one year since El Salvador became the first country in the world to adopt Bitcoin (BTC) as legal tender by enforcing the Bitcoin Law.
Last year, in advocating for Bitcoin to be legal tender, Salvadoran President Nayib Bukele promised that Bitcoin adoption would benefit the 70% of the local population who would not have access to banking services from 2021.
The Salvadoran government has also promoted Bitcoin as a tool to attract foreign investment, create new jobs, and reduce reliance on the US dollar in the country's economy.
The current real benefits of bitcoin adoption in El Salvador are questionable, as bitcoin has lost approximately 60% of its value since the country adopted cryptocurrency as legal tender.
> [embedded content]Exactly on this day a year ago, BTC was trading at around $46,000, according to data from CoinGecko. On September 6, 2021, the Salvadoran government made its first purchase of Bitcoin, buying 200 BTC at $10.36 million, or an average price of $51,800. This is in stark contrast to current BTC prices, as
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