El Salvador continues to make history with its Bitcoin after formally adopting BTC as legal tender in September this year. Nayib Bukele, the President of the country and one of the key architects behind El Salvador’s historic decision revealed that the number of people using Bitcoin wallets in the country has exceeded the number of people using bank accounts.
There is one country on Earth, where there are more people using #Bitcoin wallets than bank accounts.
Prolly nothing. https://t.co/bZb4M6XZZZ
— Nayib Bukele 🇸🇻 (@nayibbukele) November 15, 2021
The small Central American nation was heavily criticized for its BTC adoption and everyone warned about the consequences. However, President Bukele has made it clear that the adoption is not a mere advertisement and PR stunt, rather it was done to ensure banking facilities to more than 70% unbanked population. The adoption came through many challenges which involved some violent protests as well, but now it seems the country is already reaping the rewards of adopting Bitcoin.
President Bukele has been working to add new services and features around Bitcoin, and the country is already seeing millions in remittance on a daily basis via hundreds of Bitcoin ATMs. Bukele also started buying Bitcoin dips from the treasury and bought over 800 Bitcoin over the past couple of months when the BTC price was trading in the $30K-$40K price range. Now that the price of the top cryptocurrency has nearly doubled, the profits from their BTC holdings are being used to build hospitals and schools.
Will Others Follow Looking at El Salvador’s Success?
Many other nations suffering from financial instability, inflation, and international sanctions have hinted at following El Salvador’s path. However, no other country has decided to make it a legal tender again despite some legalizing crypto use in their financial ecosystem. El Salvador has become a glaring example of Bitcoin’s success story and if things go as planned, it would become one of the most sustainable and prosperous places to live in.
The world superpower nations have also decided to frame new rules and regulations around Bitcoin and the crypto market after failing to ban it. Apart from China, most other formidable nations have made it clear that they have no intention of outright banning Bitcoin.
- Ripple Objects To SECs Request To Buy More Time Following Recent Court Ruling
- OpenSea’s Meteoric Rise May Trigger An Ethereum Crash, Here’s Why
- Breaking: JPMorgan Closes Uniswap (UNI) Founder’s Accounts
- UBS Warns Of Apocalyptic Crypto Winter And The Cryptocurrency Prices Are Poised To Crash
- SOL Tanks 6% As Solana Faces Another 48 Hour Outage, Boom and Bust Moment for Solana?
- Fantom (FTM) Surpasses Avalanche and Solana as DeFi TVL Crosses $12 Billion
- Buy The Dip Survey Shows 61% Of Chinese Bitcoin Investors Still Willing To Bet On Bitcoin
- Mike Novogratz Bets To Pay Peter Schiff $1 M If Bitcoin Price Stays Below $35,000 After 2022
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?