As Cointelegraph reported, El Salvador celebrated the third anniversary of Bitcoin adoption, becoming the first country in the world to use Bitcoin as legal tender since September 7, 2021. The country aims to promote financial inclusion, improve remittance efficiency, and attract financial innovation.
El Salvador has invested in Bitcoin by purchasing 1 Bitcoin per day and currently holds 5,865 Bitcoins, worth more than $318 million. According to the Nayib Bukele Portfolio Tracker website, the country’s Bitcoin investments have earned more than $31 million.
Despite initial criticism, Bitcoin investments in El Salvador have been a net gain financially, further solidifying President Bukele’s position. Momot said the financial gain adds another layer of validation to his bold cryptocurrency experiment.
After El Salvador, only the Central African Republic adopted Bitcoin as legal tender in April 2022, while major economies remain hesitant. Larger economies may not take similar risks due to their reliance on international creditors.
