El Salvador is recreating a new economic standard with Bitcoin as a focal point. The country’s adoption of Bitcoin in conjunction with the US Dollar as its legal tender has paved the way for a vibrant economic activity centered around Bitcoin and its underlying technology.
President Nayib Bukele has announced that El Salvador has purchased 21 Bitcoin (BTC) worth approximately $1.03 million as a way to commemorate the 21st day of the 21st year in the 21st century. According to Bukele, these numbers and the latest investment in the premier digital currency did not come as a coincidence, and the number aligning also extends to Bitcoin’s maximum supply of 21 million.
And today is the last 21st day of the year 21 of the 21st century 👽 https://t.co/9BitXCyDVs
— Nayib Bukele (@nayibbukele) December 22, 2021
El Salvador’s land area is 21,000 square kilometers, another pointer that President Bukele must have pieced together to celebrate these figures with the BTC acquisition. El Salvador is really trailing the blaze as the first nation to adopt Bitcoin as a legal tender, as the country is walking the talk as a reliable proponent and advocate of Bitcoin.
El Salvador is known for its occasional BTC acquisition which has brought its total holdings to 1,141 Bitcoins when the latest purchase is added to the mix. The nation has no plans to liquidate any of this asset in recent time, and beyond its backing for Bitcoin as a legal tender, it currently stands as the country with the largest known Bitcoin reserve in the world.
The El Salvador Bitcoin Agenda
El Salvador is recreating a new economic standard with Bitcoin as a focal point. The country’s adoption of Bitcoin in conjunction with the US Dollar as its legal tender has paved the way for a vibrant economic activity centered around Bitcoin and its underlying technology.
Against the recommendations from the International Monetary Fund (IMF) and the World Bank, El Salvador is building a Bitcoin mining farm. The country is shunning all warnings of BTC mining environmental impact as President Bukele argues that the process will be sustainable through the geothermal energy supply it is building.
Beyond the aggressive mining plan which has gained traction per the updates from Bukele, the country is also incubating the plans for a Bitcoin City that will be run through Bitcoin standard. The city is billed to be powered with renewable energy with BTC featuring prominently as a medium of exchange.
The El Salvador Bitcoin holdings are already gaining traction and returning profits, some of which were used in building 20 schools, as well as in establishing a veterinary hospital worth $4 million. El Salvador has now taken a major liking to acquire Bitcoin to commemorate special events and holidays.
Shunning the rough start to the new Bitcoin era the country currently operates in, Salvadorans are arguably seeing the prospects in Bitcoin and how it can help change the stereotyped financial landscape in the country.
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