Bitcoin

Felix

Bitcoin will remain legal tender in El Salvador during president Nayib Bukele’s second term. 
As <a href="https://www.reuters.com/world/americas/el-salvador-will-stay-committed-bitcoin-after-election-vice-president-2024-02-01/" target="_blank" rel="noreferrer noopener">Reuters</a> writes, citing vice president Felix Ulloa, Bukele has redoubled efforts to accept cryptocurrency as legal tender in El Salvador. This comment came after the International Monetary Fund (<a href="https://crypto.news/tag/IMF/" target="_blank" rel="noreferrer noopener">IMF</a>) asked El Salvador to “reconsider” the measure during negotiations for a billion-dollar loan. 
Ulloa pointed out that El Salvador’s authorities will not abandon Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noreferrer noopener">BTC</a>). He said the U.S. Securities and Exchange Commission’s (<a href="https://crypto.news/tag/sec/" target="_blank" rel="noreferrer noopener">SEC</a>) recent update to allow spot Bitcoin exchange-traded funds (<a href="https://crypto.news/tag/etf/" target="_blank" rel="noreferrer noopener">ETFs</a>) has only strengthened his resolve. 
<blockquote class="wp-block-quote"> 
 “Not only will it [the law] be maintained &lt;…&gt; at this moment, it enjoys the greatest credibility in the entire world.” <cite>Felix Ulloa, El Salvador’s vice president&nbsp;</cite>
</blockquote> 
 You might also like: <a href="https://crypto.news/fancy-a-freedom-visa-el-salvador-has-you-covered/"> Fancy a ‘Freedom Visa’? El Salvador has you covered </a> 
Bukele resigned last December to focus on his 2024 re-election campaign. He reported his decision to the country’s legislature, and parliament has already approved Bukele’s request. Saying his decision to the country’s executive branch, he also called on the prosecutor general to investigate each of those present. 
During his presidency, Bukele actively promoted Bitcoin. In September 2021, El Salvador <a href="https://crypto.news/el-salvador-400-btc-bitcoin-law-live/" target="_blank" rel="noreferrer noopener">declared</a> Bitcoin as a means of payment and began purchasing cryptocurrency. Despite the significant depreciation of BTC, the authorities of El Salvador continued to adhere to their strategy. In mid-November 2022, the president <a href="https://crypto.news/el-salvador-begins-buying-bitcoin/" target="_blank" rel="noreferrer noopener">announced</a> that the country would begin buying one Bitcoin every day. 
As a result, by December 2023, El Salvador’s investments in BTC <a href="https://crypto.news/el-salvadors-president-affirms-long-term-bitcoin-strategy-is-successful/" target="_blank" rel="noreferrer noopener">had fully paid off</a>; in January, the country’s BTC reserves <a href="https://crypto.news/el-salvador-bitcoin-gains-reach-12-6m-after-two-years-of-decline/" target="_blank" rel="noreferrer noopener">were estimated</a> at $12.6 million. 
 You might also like: <a href="https://crypto.news/el-salvador-congress-green-lights-citizenship-for-investments-in-btc/"> El Salvador Congress green lights citizenship for investments in BTC </a>

El Salvador to stay committed to Bitcoin amid spot ETF approval

crypto.news

Other articles published on Feb 1, 2024

Expert Analyst Michaël van de Poppe Predicts LINK’s Potential Surge

Should Crypto Investors Be Wary of Another US Banking Crisis?

BitMEX Founder Arthur Hayes Takes $1.45 Million Profit With Strategic Moves

Bitcoin DeFi Protocol Velar Raises $3.5 Million To Build World’s First PerpDEX on Bitcoin (1 Feb)

Bitcoin Mining Takes Up 0.6% to 2.3% of US Electricity Consumption – Report

Bitcoin ETF Race: BlackRock Now Ahead of Grayscale in Trading Volume

Join our free newsletter for daily crypto updates!