This month marks a year since El Salvador adopted Bitcoin as a legal tender
It has been a year of ups and downs for El Salvador since the country introduced Bitcoin Law last September
By Shashank Bhardwaj
A sign promoting bitcoin transactions is seen outside an hotel in El Zonte beach, El Salvador, on August 27, 2022. Bitcoin celebrates one year as legal tender in El Salvador, with some unfinished plans. Image: Marvin Recinos/ AFP
On 7 September 2021, El Salvador became the first country in the world to adopt Bitcoin as a legal tender, marking a year of its Bitcoin Law in action. El Salvador President’s Nayib Bukele, an advocate for digital assets, had claimed that Bitcoin adoption would benefit 70 percent of the local population that lacked access to banking services. The government also projected that it would help attract foreign investment, create jobs, and reduce reliance on the US dollar. The one-year of Bitcoin adoption has been quite eventful for El Salvador.
A year ago, BTC was trading at around $46,000. The Salvadoran government bought 200 BTC at $10.36 million, or at an average price of $51,800. Cut to today, when Bitcoin has lost approximately 60 percent of its value, with prices falling below $19,000 last week. The government reportedly holds 2,381 BTC today, and the current prices are worth $62 million less than the price El Salvador paid for its holdings initially.
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Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..