The adoption of bitcoin in El Salvador caused a stir. If some appreciated this project, others saw the fall of the government. After many months later, the country exceeds all expectations and presents a most optimistic balance sheet.
Bitcoin (BTC) leading the economy of El Salvador?
Many people have questioned El Salvador’s decision to legalize bitcoin (BTC). If some recognize the main encryption as a payment method, it is different when they talk about an official currency.
Despite the criticism, the country firmly stood by its decision and the results speak for themselves. After an exponential fall in the price of bitcoin, El Salvador got a bad position on it. However, things are not as bad as you think. According to Minister for Finance of El Salvador, the country has achieved financial inclusion thanks to bitcoin.
In fact, the adoption of bitcoin has opened many doors on the territory. Not only has the tourism sector taken a big step forward, but El Salvador has also accumulated cryptographic projects. Between crypto mining and the issuance of a stablecoin pegged to the dollar, Nayib Bukele is determined to make his country a home for cryptocurrency traders and investors.
A risky but promising bet
As of September 2021, El Salvador put its country’s economy back in the hands of bitcoin and so far nothing has shaken the confidence of the government. Indeed, some believed that the crypto winter would destroy Bukele’s dreams. However, instead of feeling sorry for themselves, the country boosted its crypto portfolio by buying BTC at a low price.
The $105.6 million invested in this project is paying off. It should be noted that El Salvador is the first country in the world to legalize cryptocurrency, followed by the Central African Republic. Considering the risks that bitcoin represents, we can now consider Nayib Bukele a visionary.
The volatility of bitcoin makes it a very risky instrument, but it also has many advantages that you must know how to take advantage of to achieve financial independence. El Salvador has experienced this and at the moment everything seems to be going well. At this point, we can say without a doubt that BTC is the solution to financial inclusion?
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Eddy Senga
The world is changing and adaptation is the best weapon to survive in this turbulent world. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experience and express an area of interest to me, there is nothing better than writing articles that are informative and entertaining at the same time.
