How Bitcoin Adoption Raised El Salvador’s Profile in 3 Years

Three years ago today, El Salvador made history by becoming the first country to accept Bitcoin as legal tender.

This step has attracted the attention of global stakeholders as a model for crypto adoption, opening a phase of growth and development for the country.

Bitcoin's role in El Salvador grows by $31 million in undisclosed profits.

In honor of this milestone, President Nayeb Bukele's Senior Bitcoin Advisor Max Kaiser shared his administration's vision for expanding access to Bitcoin.

“Our plan is to provide a Bitcoin cold storage solution to every Salvadoran. So even $0.50 of regular Bitcoin savings can create education, retirement and inheritance funds.

Kaiser's statement highlights the Bitcoin-friendly approach chosen by President Bukele's government. While international bodies like the IMF initially criticized the move, they have since admitted that Bitcoin adoption has not harmed the country's economy.

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Instead, Bitcoin used El Salvador. A national bitcoin wallet holds 5,865 BTC, generating over $31 million in ill-gotten gains. Although the profit seems small, the real impact is increased international recognition and investment in the country.

For context, the proposed Bitcoin City port in El Salvador was one of two that Turkish company Yilport Holdings will upgrade with a record $1.6 billion investment. In addition, the Buckele administration's strong stance on free speech and individual liberty has received attention.

In a recent post, President Bukele highlighted El Salvador as a new haven for freedom of speech and expression.

“As the world descends into chaos and government attacks intensify, we stand for a new ray of hope for the future,” said Buckele.

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Although progress has been made, Buckele admits that Bitcoin adoption has not reached the level expected. He explained that this is due to voluntary use in the country, but early adopters are optimistic about the long-term financial benefits.

Meanwhile, political opponents have called the Bitcoin initiative a failure, saying “no one” will use it. In response, the government is stepping up efforts to promote Bitcoin awareness by focusing on education. It recently launched a Bitcoin training program for 80,000 government employees.