March 28, 2024

Bitcoin in El Salvador

You remember that just a year ago, in September 2021, El Salvador— the first on the planet — admitted bitcoinofficial means of payment, endowing it with the status of the state currency.

Bitcoin in El Salvador

In November 2021, the President of El Salvador told fellow citizens that the landmark September decision to legalize bitcoin as a means of payment will serve as an impetus for global change.

After a year, it can be stated that bitcoin has not yet been able to fully replace the US dollar in El Salvador.

The El Salvadoran government has invested heavily in BTC, both at its peak and during periods of decline. At the beginning of September, the volume of “paper” losses from holding the first cryptocurrency reached $58 million.

El Salvador purchased 2,381 bitcoins. To date, this is not even $ 50 million. This is only half the amount spent on their purchase.

What do you think this crypto experiment will lead to? Would you like bitcoin to be officially introduced in your country?