Update Sept. 7, 12.48 pm UTC: This article has been updated to include quotes from Harshit Gangwar.
El Salvador is celebrating its Bitcoin anniversary, marking three years since the country adopted Bitcoin as legal tender.
El Salvador became the world’s first country to adopt Bitcoin (BTC) as legal tender three years ago, on Sept. 7, 2021, to promote financial inclusion, facilitate more efficient remittance payments and attract financial innovation.
President Nayib Bukele’s decision to adopt Bitcoin made the country a historical digital asset pioneer, according to Alex Momot, founder and CEO of crypto trading platform Peanut Trade.
He told Cointelegraph:
“El Salvador’s experiment with Bitcoin can be seen as a success. The country acted as a pioneer, taking risks and trying something radically new. While it’s too early to declare whether all aspects of the reform were successful, it’s clear that El Salvador has reaped some benefits.”
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El Salvador in profit
El Salvador has been dollar-cost-averaging into Bitcoin since 2021, buying 1 Bitcoin daily as part of its adoption plans.
The country’s wallet is currently sitting on over $31 million worth of profit, according to the Nayib Bukele Portfolio Tracker website.
El Salvador BTC holdings. Source: Nayibtracker
El Salvador bought its Bitcoin holdings at an average price of $43,877 per BTC. Bitcoin traded at $54,300 as of 10:55 am UTC, Sept. 7.
According to Momot, El Salvador’s $31 million Bitcoin profit makes the decision a net positive in economic terms despite the initial criticism.
The CEO told Cointelegraph:
“This financial gain further strengthens Bukele’s position, as the initiative now appears to be yielding tangible benefits, adding another layer of validation to his bold cryptocurrency experiment.”
El Salvador currently holds a total of 5,865 Bitcoin worth over $318 million, according to the country’s treasury website.
El Salvador Treasury Bitcoin holdings. Source: Bitcoin.gob.sv
President Nayib Bukele’s decision received widespread criticism after Bitcoin fell from…
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