El Salvador, the first country to accept Bitcoin as legal tender, celebrates the 4th anniversary of this historic decision.
History of Bitcoin Adoption in El Salvador
In June 2021, El Salvador passed a law making Bitcoin legal tender. The country made its first official Bitcoin purchase in September 2021, marking the beginning of a new era for its financial system.
Recent Bitcoin Purchase
To celebrate its 4th anniversary, El Salvador announced the purchase of 21 Bitcoins. President Nayib Bukele noted in his post that this purchase refers to the fixed supply of 21 million Bitcoins. El Salvador now holds a total of 6,313 BTC, worth approximately $701.8 million at current market prices.
Future of El Salvador's Bitcoin Policy
Despite some limitations, El Salvador continues its Bitcoin purchases. In March 2023, President Bukele denied speculation about stopping these purchases, assuring that they would continue: "No, the BTC purchases are not stopping. If it didn't stop when the world excluded us, it won't stop now and it won't stop in the future."
Thus, El Salvador continues to invest in Bitcoin, becoming an increasingly prominent player in the cryptocurrency market despite challenges and limitations.
