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When the Latin American nation El Salvador embarked on making Bitcoin their legal tender, the world saw them differently. However, they have completed one year of their decision to make it legal in the local market. It was on September 7 when the country had its first anniversary of making the currency legal in the market. Its President Nayib Bukele and his group led this mission to make Bitcoin the legal tender. First, the country adopted USD in their local economy and then got Bitcoin as their legal currency. They could draw flak over them, but they proved they were happy with their decision in many ways. The President made this decision and was confident it would bear fruit in the market. After one year, we see something interesting coming into the market. This article discusses how Bitcoin has overshadowed the world and how things are moving smoothly in the country. For more details, you can visit the site Bitcoin 360 AI.
The El Salvador Bitcoin Phenomenon
The first time we heard about the country making Bitcoin a legal tender was in 2021 in the first quarter of the same. The President garnered good support from the local parties and drew good buzz around it. Finally, they passed the Bill in the provincial assembly to make Bitcoin the legal tender in the market. In September, the President announced Bitcoin as the legal tender. Since then, it was no looking back for the country as they could draw the world’s attention towards them for their Bitcoin decision in the market. So, you have the chance to see things in the right spirit. The President of the country was confident regarding his decision, despite being shown red flags by giants like the IMF. They warned the government to avoid deciding as it could put them at risk in the future.
Big Plans in El Salvador
The country had big plans as far as promoting Bitcoin in the world. They had plans to invest big in the infrastructure with so many airports, commercial domains and residential complexes developed with the help of Central Plaza in the city known as Bitcoin City. The city will have a massive replica of the Bitcoin symbol in the middle, with Bukele now pledging to develop this city to attract national investors. It will remain the crypto tax haven for miners and investors worldwide. However, you can also have some mega ventures derailed due to complications, as pointed out over the difficulties with some unnerved market conditions. These are developed with the help of voting for the no-confidence motion in the country’s citizens. However, you can find that some vast ventures are now derailed owing to certain complications and unpredictable market conditions. These come with a no-confidence vote or through the country’s citizens.
El Salvador with Bitcoin after one year
On September 7, 21, we saw El Salvador, who seems to have decided to choose BTC as a legal tender. It comes with the price of BTC, which appears to be close to 70K USD on November 21. Just after one year, we saw the price of Bitcoin now getting traded for around 19K USD. We have seen the country collecting around 2381 BTC claims in the reports. But as the price of Bitcoin goes down, the country’s financial system seems at risk. It has made it difficult for them to find the money for any service that will debut at around 1.6 B USD by the end of 2023; in 2025, the market will soon become challenging.
Wrapping up
Interestingly, you have so many reports about Bitcoin’s good, bad and ugly in the tiny nation in Latin America. We have seen the country reaching around 6.4 B USD in the market. It comes with remittances, with about 2% of digital crypto-based wallets in the market. The government has now adopted the idea of getting a cold run, as stated by the report in Coindesk, and it claimed to give the country a massive start in July. They went on to gain 46.6 M USD in the market with Bitcoin. Thus, you can determine how Bitcoin is winning the game in this small nation in Latin America. There may be something wrong or worse with BTC in El Salvador, yet the story is rosy for many more things.
