In 2021, when the Legislative Assembly of El Salvador adopted Bitcoin as a legal tender, most governments criticised the move bitterly, indirectly terming it as a financial blunder. It was Nayib Bukele, the president of El Salvador, who provided the necessary encouragement for the country to move ahead with its revolutionary Bitcoin policy. With the value of the country’s Bitcoin holdings crossing $600M, the risk seems to have paid off well.
On February 29, the total BTC holdings of El Salvador were just 2,381 BTC. On March 15, just after the price of Bitcoin crossed the $73,000 mark creating an all-time high, the country’s holdings rose to 5,689.7 BTC. Right now, it stands at 5,954.77 BTC.
What is important to note here is the massive rise of the BTC price during the said period. On March 15, the price of Bitcoin was around $69,487.32. Since then, it has experienced a surge of at least 47.99%.
In mid-March, the value of the country’s BTC holdings was approximately $395,362,004.604. Since then, the value has increased by over 54.94%.
It was when the country was going through a tough financial crisis that it decided to embrace Bitcoin. When its Legislative Assembly supported the futuristic bitcoin plan, the country officially became the first to use BTC as legal tender. This revolutionary step would have been impossible without a visionary president like Nayib Bukele. Though he faced severe criticism citing the issue of volatility, he bravely pushed the move forward, fighting all odds.
With 207,189 BTC, worth at least $21,266,131,730, the United States tops the list of top countries by Bitcoin holdings. China remains a close competitor of the US, with a BTC holding of 194,000 BTC, valued at around $19,912,396,680. The UK and Ukraine have 61,000 BTC and 46,351 BTC, respectively. El Salvador is positioned sixth, after the Royal Government of Bhutan, which has around 13,029 BTC, worth more than $1337,312,455.
Today, the Bitcoin market has touched its $100K milestone, marking a new beginning in its upward journey. The market looks extremely positive right now. In the last 24 hours alone, it has climbed by at least 6.0%. The price of BTC currently stands at $102,612.78 – at least 2.5% above the milestone of $100K. Experts believe that in this current halving cycle, the market would witness a growth of 100% to 200%.
El Salvador has over 200 Bitcoin ATMs, enabling easy BTC transactions nationwide since adopting Bitcoin as legal tender.
El Salvador adopted Bitcoin to address its financial crisis, attract investment, and offer its citizens an alternative to traditional banking systems.
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