With 5,863 $BTC already in its reserves, the count keeps growing rapidly.
So, why is President Bukele placing his bet on Bitcoin?
El Salvador’s “1 Bitcoin a Day” Strategy
- Since November 2022, El Salvador has been buying 1 Bitcoin daily, a bold move in the global crypto space.
- President Nayib Bukele promises to continue this until Bitcoin becomes too expensive for traditional fiat currencies.
The Long-Term Vision
- Bukele’s bet is simple: accumulate Bitcoin while it’s affordable, anticipating massive future growth.
- His goal is to stockpile BTC for the country, positioning El Salvador as a crypto leader in the long run.
Where Is the Bitcoin Going?
- All Bitcoins acquired are deposited into a single national wallet, which also holds El Salvador’s earlier purchases.
- This wallet now stores 5,863 BTC and counting, making it one of the largest government-owned crypto reserves globally.
Bitcoin as Legal Tender: A World First
- In September 2021, El Salvador became the first country to adopt Bitcoin as legal tender, alongside the U.S. dollar.
- This move turned heads, with both excitement from crypto enthusiasts and warnings from global organizations like the IMF.
IMF Criticism? Bukele Isn’t Listening
- The International Monetary Fund warned against Bitcoin adoption, citing volatility and risks to financial stability.
- Bukele’s response? Double down on Bitcoin, believing it’s the future of finance and a key to economic independence.
Tim Draper’s Big Prediction
- Venture capitalist Tim Draper believes that El Salvador’s BTC investments could make it one of the wealthiest nations in the world.
- Draper’s bullish take is that Bitcoin adoption will transform El Salvador’s economy in the long run.
Bukele’s Commitment to Holding Bitcoin
- Despite market fluctuations, Bukele has made it clear: El Salvador is not selling its Bitcoin stash.
- His mantra is simple: “1 BTC = 1 BTC”, suggesting he sees Bitcoin as a long-term store of value rather than a short-term trade.
A Growing BTC Treasure Chest
- So far, El Salvador holds 5,863 BTC with daily purchases continuing to add to this total.
- With each Bitcoin added, the country moves closer to Bukele’s vision of becoming a crypto powerhouse.
The Future: Bitcoin City and More
- Bukele’s ultimate goal includes building Bitcoin City, a tax-free, crypto-powered metropolis funded by Bitcoin bonds.
- As Bitcoin adoption grows, El Salvador could become a global hub for crypto innovation, proving that the boldest bets often pay off.
