The recent price spike of Bitcoin has caused El Salvador’s holdings to surpass $60 million USD. Bitcoin has gained widespread acceptance and international renown thanks to President Nayib Bukele’s advocacy.
The entire value of El Salvador’s Bitcoin holdings has surpassed $60 million USD due to the recent spike in cryptocurrency prices.
The country has taken advantage of Bitcoin’s current price ascension, which has seen it cross the $61,000 USD barrier, an 8.42% gain in the previous 24 hours and an 18.60% rise in the past seven days, with 2,848 Bitcoins in possession.
The first nation to officially recognize Bitcoin as currency was El Salvador, which started buying Bitcoin in 2021.
The nation’s financial health was the subject of much discussion after the crypto meltdown in November 2022, which caused several crypto enterprises, including the exchange FTX to fail.
After a year of experimenting with Bitcoin, El Salvador reportedly lost $60 million. After El Salvador’s national election on February 5, Nayib Bukele announced his victory. With almost 85% of the vote, this was a decisive victory.
Bukele is a staunch supporter of Bitcoin. Within the crypto sector worldwide, as well as at home, he has become very popular.
The world has taken notice of Bukele because of his unwavering backing of Bitcoin. He is a frequent speaker at international events, where he touts El Salvador’s support for bitcoin.
On December 25, BeInCrypto brought attention to El Salvador’s government’s welcoming appeal to international donors interested in donating Bitcoin to support its development initiatives.
This is in continuation of the nation’s previous announcement of a steadily rising number of foreign nationals moving to the country.
“Several international advocates of the digital currency have relocated to the nation, particularly to coastal areas.”
Meanwhile, the Volcano Bond was approved by the Digital Assets Commission (CNAD) in December 2023, according to El Salvador’s National Bitcoin Office (ONBTC).
The industry is wondering whether other Latin American governments will follow El Salvador’s lead and accept Bitcoin after its aggressive entry into crypto. To settle contracts, the Argentine government has stated that Bitcoin is now an option.
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