El Salvador’s President, Nayib Bukele, has announced that the country’s Bitcoin portfolio is now worth $399.4 million with over 5,695 BTC. Today, Bukele announced a daily purchase of 1 BTC, and since then, he has stored the assets in cold storage, finally showing a crypto wallet address.
Bukele, who began experimenting with Bitcoin earlier than other Latin American leaders, did so formally in 2021, declaring the currency legal tender alongside the US dollar.
However, he did not listen to the IMF, who criticized him, and the US politicians who were against the initiative. Notwithstanding the legal moves regarding the use of BTC by companies, reports suggest that the acceptance of BTC by Salvadorans is relatively low.
His popularity remains intact, thanks to his efforts to fight criminality, but he has been criticized for indiscriminately targeting gang members as well as human rights violations in anti-gang initiatives.
The fact that this country adopts Bitcoin demonstrates Bukele’s economic transformation scheme, despite critics saying it is controversial. The global community keeps a close eye on the way El Salvador’s bold experiment with using Bitcoin as legal tender develops, as this small country is taking the lead in this idea
Also Read: Bukele Reacts as El Salvador’s Bitcoin Holdings Could Hit $1B
