Nayib Bukele, the president of El Salvador, declared that the nation’s Bitcoin holdings, which total more than 5,695 BTC, are currently at $399.4 million. Bukele revealed today that he will be buying one bitcoin every day. Since then, he has kept the money in cold storage and has finally revealed his cryptocurrencycurrency wallet address.
Prior to other Latin American leaders, Bukele started experimenting with Bitcoin. In 2021, he formally declared the money to be legal tender alongside the US dollar.
He disregarded the US legislators who opposed the effort as well as the IMF, who chastised him. Despite the legal actions pertaining to businesses’ use of Bitcoin, reports indicate that Salvadorans’ adoption of Bitcoin is rather low.
His attempts to combat crime have helped him maintain his popularity, but he has come under fire for human rights abuses and the indiscriminate targeting of gang members in anti-gang campaigns.
Despite its detractors’ contentions that it is controversial, the adoption of Bitcoin in this nation is indicative of Bukele’s plan for economic reform. Since El Salvador is leading the way in this concept, the world is closely watching how its audacious experiment with using Bitcoin as legal tender plays out.
