El Salvador has capitalized on Bitcoin’s (BTC) recent price surge, surpassing the $64,000 mark with 2,848 Bitcoin in possession.
In 2021, El Salvador became the first country to legalize Bitcoin as legal tender. In November 2022, the crypto crash led to significant speculation regarding the country’s financial stability.
Following this, El Salvador suffered a $60 million loss. But now, reports say that El Salvador BTC holdings exceeds the $60 million as a result of Bitcoin surge.
Nayib Bukele, the president of El Salvador, declared himself a champion of Bitcoin, garnering significant popularity both domestically and within the global crypto industry.
Even more, He regularly promotes El Salvador’s favorable stance on the crypto to international audiences. For instance, El Salvador’s government has invited foreigners interested in contributing Bitcoin donations to its development programs, following a consistent increase in foreign residents relocating to the country.
In December 2023, the National Bitcoin Office (ONBTC) of El Salvador announced that the Volcano Bond has received regulatory approval from the Digital Assets Commission (CNAD).
James Wilson is a crypto writer and researcher with over 5 years of experience in the industry. He is a graduate of the University of California, Berkeley, where he studied computer science and economics. After graduating, he worked as a software engineer at a major tech company before transitioning to a career in crypto.
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