đĄEl Salvador marks three years of Bitcoin adoption đȘ
đŹ According to Cointelegraph, El Salvador is celebrating the third anniversary of adopting #Bitcoin as legal tender, a move that made it the first country in the world to do so on September 7, 2021. The initiative was intended to promote financial inclusion, streamline remittance payments and attract financial innovation.
President Nayib Bukeleâs decision to adopt $BTC has positioned El Salvador as a pioneer in the digital asset space. Alex Momot, founder and CEO of cryptocurrency trading platform Peanut Trade, commented that while it is too early to declare the initiative a complete success, the country has certainly reaped some benefits.
El Salvador has been dollar-cost averaging into Bitcoin since 2021, buying one Bitcoin per day. So far, the countryâs Bitcoin holdings have generated more than $31 million in profits, according to the Nayib Bukele Portfolio Tracker website. The average purchase price of El Salvadorâs Bitcoin was $43,877 per BTC, which is currently trading at $54,300. Momot highlighted that the financial gain strengthens Bukeleâs position, adding credibility to his bold experiment with cryptocurrencies.
El Salvador currently holds a total of 5,865 bitcoins, valued at more than $318 million, according to the countryâs Treasury website. Despite initial criticism, especially after the price of bitcoin fell from its all-time high of $69,000 in November 2021 to as low as $16,000 during the bear market, the country has managed to turn a profit.
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