Ethereum

Bitcoin

<ul>
 <li>Three years ago, on September 7, 2021, El Salvador accepted Bitcoin as legal cash.</li>
 <li>El Salvador has been purchasing one Bitcoin every day since 2021.</li>
</ul>
It has been three years since <a href="https://thenewscrypto.com/el-salvador-president-calls-bitcoin-adoption-a-net-positive/" target="_blank" rel="noopener noreferrer nofollow">El Salvador</a> officially recognized Bitcoin as legal money, and now the nation is commemorating the occasion with a celebration.
Three years ago, on September 7, 2021, El Salvador became the first nation in the world to accept <a href="https://thenewscrypto.com/bitcoin-price-tests-key-support-amid-mixed-market-signals/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a> as legal cash. The goal was to encourage financial inclusion, make remittance payments more efficient, and attract financial innovators.
<h3 class="wp-block-heading" id="h-banking-on-bitcoin">Banking on Bitcoin</h3>
According to analysts, President Nayib Bukele’s decision to accept Bitcoin makes the nation a historical pioneer in digital assets. El Salvador has been purchasing one Bitcoin every day since 2021 as part of its adoption ambitions, dollar-cost averaging into the cryptocurrency.
The <a href="https://www.instagram.com/nayibbukele/reels/?hl=en" target="_blank" rel="noopener noreferrer nofollow">Nayib Bukele</a> Portfolio Tracker website indicates that the nation’s wallet now has approximately $31 million of profits in it. The average price per Bitcoin that El Salvador purchased was $43,877. At the time of writing, Bitcoin is trading at $54,442 as per data from <a href="http://coinmarketcap.com" target="_blank" rel="noopener noreferrer nofollow">CMC</a>.
Analyst claims that, despite early criticism, the move was ultimately beneficial for El Salvador’s economy due to the $31 million profit it generated from Bitcoin. This financial gain gives Bukele even more support; it shows that his effort is paying off, which is a huge boost to his confidence in his bold cryptocurrency venture.
As of right now, El Salvador’s treasury website shows that the government has 5,865 Bitcoin, with a value of more than $318 million. After Bitcoin’s decline from its all-time high of $69,000 in November 2021 after the FTX exchange’s failure, President Nayib Bukele’s move came under heavy criticism. After Bitcoin dropped as low as $16,000 during the bear market, El Salvador’s Bitcoin holdings went into a steep decline.
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El Salvador Completes Three Years of Bitcoin Legalization

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