The Republic of El Salvador has grown into a major financial hub in Central America, fueled by its Bitcoin (BTC) adoption plan. After steering the country out of a security crisis in the first term, El Salvador’s President Nayib Bukele was overwhelmingly supported in the recently concluded election.
El Salvador Bitcoin Holdings Grows Exponentially
Since El Salvador adopted Bitcoin (BTC) alongside the United States dollar in 2021, the country has accumulated more than 5,779 BTCs, worth about $390.5 million. The country has accumulated more Bitcoins through different sources, including its citizenship program, mining operations, and daily acquisitions.
Earlier this year, El Salvador introduced its Freedom Visa program, which will welcome 5,000 highly skilled individuals with free passports. Notably, the country’s visa program has accepted Bitcoin and USDT payments.
As for the mining operations, El Salvador has obtained more than 473 BTCs, worth over $31 million, since 2021. The country has been using its volcanic geothermal power to mine Bitcoins, thus providing a clean energy solution.
Earlier this year, President Bukele announced that the country would be purchasing 1 Bitcoin per day.
Meanwhile, the country has significantly improved its infrastructure, including school renovations, roads, and security, to attract more investors. Moreover, it has a Bitcoin Bond that significantly helps run its operations.
Market Implications
The palpable gains in Bitcoin in the past year have helped El Salvador’s Gross Domestic Product (GDP) increase significantly. Moreover, more institutional investors worldwide are embracing Bitcoin as an asset class.
Consequently, cryptocurrency liquidity will gradually improve in the coming years as more countries follow El Salvador’s example.
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