Unwavering Support for Bitcoin
Despite global scrutiny and the International Monetary Fund’s (IMF) suggestion to reconsider its stance, El Salvador, under President Nayib Bukele’s administration, continues to uphold Bitcoin as legal tender. The country’s allegiance to the cryptocurrency is unshaken, even as Bukele gears up for his second term in office.
Government’s Response to IMF and Spot ETF Influence
Vice President Felix Ulloa has expressed that El Salvador’s leadership will not retreat from its Bitcoin strategy. Following the U.S. Securities and Exchange Commission’s (SEC) approval of spot Bitcoin exchange-traded funds (ETFs), Ulloa believes that El Salvador’s Bitcoin law now carries even greater global credibility.
El Salvador’s Bitcoin Journey and Future Plans
Since declaring Bitcoin as a form of payment in September 2021, El Salvador has been consistently increasing its Bitcoin reserves. The nation’s bold move to start purchasing one Bitcoin daily has been a topic of much discussion. By the close of 2023, these investments had paid dividends, with the country’s Bitcoin reserves valued at a remarkable $12.6 million.
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