El Salvador celebrates $31 million profits from Bitcoin
Three years have passed since the adoption of Bitcoin as legal tender in El Salvador and the nation celebrates profits in the order of $31 million
El Salvador announced three years ago the adoption of Bitcoin as legal tender in the country. Currently, it reports profits of $31 million amid criticism.
The exact date when El Salvador became the first country in the world to adopt BTC as legal tender was September 7, 2021.
With the measure, President Nayib Bukele launched a campaign to “promote financial inclusion, facilitate more efficient remittance payments and attract financial innovation.”
It was a historic step and launched the country as a global reference in the use of digital assets, according to Alex Momot, founder and CEO of the cryptocurrency trading platform Peanut Trade. Momot told Cointelegraph: “El Salvador’s experiment with Bitcoin can be considered a success. The country acted as a pioneer, taking risks and trying something radically new. While it is too early to declare whether all aspects of the reform were successful, it is clear that El Salvador has reaped some benefits.”
Since 2021, El Salvador has been “dollar-cost averaging into Bitcoin,” acquiring 1 BTC daily. “The country’s portfolio currently has over $31 million in profits, according to the Nayib Bukele Portfolio Tracker website.”
The profits now reported by the Central American nation reinforce Bukele’s position, adding “another layer of validation to his bold experiment with cryptocurrencies.”
M.Pino
Source: cointelegraph
(Reference image source: Unsplash+, in collaboration with Alexander Mils)
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