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El Salvador, the first country to make Bitcoin legal tender, and to adopt a Bitcoin investment strategy for its national treasury, has now accumulated over $400 million worth of Bitcoin.<\/p>\n
President Nayib Bukele led the effort to pass a law making Bitcoin legal tender in 2021. Since then, the country has purchased Bitcoin through daily and periodic purchases announced by Bukele on X. <\/p>\n
In addition to direct purchases, El Salvador also generates Bitcoin through a passport program, converts BTC to dollars for businesses, and mines Bitcoin, all of which demonstrates the country’s commitment to building a circular Bitcoin economy.<\/p>\n
Bukele recently revealed the government’s Bitcoin address for the first time to the public. Bukele has stated<\/a> that Bitcoin is held in a state-run “piggy bank” style cold storage vault. He also mentioned<\/a> that they will be buying 1 Bitcoin every day until “Bitcoin becomes unaffordable with fiat currencies.”<\/p>\n El Salvador has purchased over 5,700 BTC to date at an average price of around $42,700. With Bitcoin recently surging past $70,000, the country’s holdings are up nearly $80 million.<\/p>\n The president believes Bitcoin will help boost El Salvador’s economy through tourism, remittances, and foreign investment. Bitcoin’s fixed supply also stands to appreciate against the U.S. dollar over time.<\/p>\n Bukele has frequently touted Bitcoin on X, stating,” When Bitcoin’s market price was low, [critics] wrote literally thousands of articles about our supposed losses.” Now, with Bitcoin soaring, the investment is paying off.<\/p>\n While initially controversial, Bukele’s Bitcoin play now looks prescient. If adoption continues accelerating globally, El Salvador’s massive early investment could someday make it the world’s first Bitcoin-rich nation.<\/p>\n