El Salvador Celebrates One-Year Anniversary Of Bitcoin Day
El Salvador became the first country in the world to use Bitcoin as a legal tender on September 7, 2022, by enforcing the Bitcoin Law.
On 5 June 2021, Jack Mallers, Founder and CEO of Zap Solutions (a Bitcoin payments firm that uses the Lightning Network), said at Miami’s Bitcoin 2021 conference that El Salvador’s government sought to adopt legislation making Bitcoin legal cash (alongside the U.S. dollar).
On 6 September 2021, President Bukele announced that his country had bought its first 200 Bitcoins, and they planned to buy a lot more.
El Salvador has made 11 Bitcoin purchases since September 2021, with the country projected to have purchased a total of 2,381 Bitcoins. The last BTC transaction occurred on June 30, 2022, when the country purchased 80 coins for an average price of $19,000.
The country Finance Minister, Alejandro Zelaya, previously stated that despite the price decline, the country did not lose money when purchasing BTC because it did not sell the coin. In addition, the Salvadoran government has repeatedly postponed its Bitcoin bond initiative, citing weak market circumstances and geopolitical concerns.
As cryptocurrency prices plummeted and the bear market continued, some industry observers began referring to the country’s Bitcoin adoption as a “failed Bitcoin experiment.”
Bitcoin Law, on the other hand, has been successful in luring foreign investment and tourism. Tourism has increased by 82% in the first half of 2022, with 1.1 million tourists visiting the country this year.
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