Bitcoin
Bitcoin holdings in El Salvador have reached a SHOCKING $390 million!
El Salvador has emerged as a major financial hub in Central America, driven by the bold adoption of Bitcoin (BTC). President Nayib Bukele, known for leading the country out of a security crisis, secured strong support in the last elections.
What comes next? Here’s what we know.
Embracing Bitcoin: Accumulation and Adoption
Since the integration of Bitcoin alongside the US dollar in 2021, El Salvador acquired 5,779 BTC, valued at approximately US$390.5 million. The country has accumulated these funds through its citizenship program, mining operations using volcanic geothermal energy, and regular purchases.
Earlier this year, El Salvador introduced its Freedom Visa program, which will welcome 5,000 highly qualified individuals with free passports. Notably, the country’s visa program accepted payments in Bitcoin and USDT.
Sustainable mining solutions
El Salvador has also made significant progress in sustainable Bitcoin mining, harnessing its volcanic resources to obtain clean energy. This approach has yielded over 473 BTC, valued at over $31 million, since its inception in 2021.
Infrastructure Development and Economic Growth
President Bukele’s administration has prioritized infrastructure improvements, including school renovations, road improvements and enhanced security measures. These developments aim to strengthen the country’s appeal to global investors, complemented by financial innovations such as the Bitcoin Bond.
Market implications
The adoption of Bitcoin has had a tangible impact on El Salvador’s economy, leading to a notable increase in its Gross Domestic Product (GDP). Furthermore, the move attracted the attention of global institutional investors, validating Bitcoin’s status as a credible asset class.
As more countries consider cryptocurrency integration, gradually improving liquidity and broader economic benefits are expected to follow suit across the world.
Is your portfolio ready for the future of finance? Explore Bitcoin and other cryptocurrencies today!