How Bitcoin Adoption Boosted El Salvador’s Profile in 3 Years

Three years ago today, El Salvador made history as the first nation to adopt Bitcoin as legal tender.

This move has sparked a phase of growth and development for the country, as it has become a model for crypto adoption and has drawn attention from global stakeholders.

Bitcoin’s Role in El Salvador Grows With $31 Million in Unrealized Gains

In honor of this milestone, Max Keiser, senior Bitcoin adviser to President Nayib Bukele, shared the administration’s vision for expanding Bitcoin access.

“Our plan is to provide every Salvadoran with a Bitcoin cold storage solution. So that even $0.50 of regular savings into Bitcoin creates education, retirement, and inheritance funds,” he explained.

Keiser’s statement highlights the Bitcoin-friendly approach chosen by President Bukele’s government. Though international bodies like the IMF initially criticized the move, they have since acknowledged that Bitcoin’s adoption has not harmed the country’s economy.

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Instead, Bitcoin has benefited El Salvador. Its national Bitcoin wallet holds 5,865 BTC, generating over $31 million in unrealized gains. While the profit may seem small, the real impact has been increased global recognition and investment in the country.

For context, a port in El Salvador’s proposed Bitcoin City was one of the two that Turkish company Yilport Holdings would upgrade with a record $1.6 billion investment. Further, Bukele’s administration’s strong stance on freedom of speech and individual liberty has also gained attention.

President Bukele stressed this in a recent post, describing El Salvador as a new safe haven for freedom of speech and expression.

“As the world spirals into chaos and government crackdowns intensify, we will stand as the new beacon of hope for the future,” Bukele stated.

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Despite the progress, Bukele acknowledged that Bitcoin adoption has not reached the expected levels. He attributes this to its voluntary use in the country but remains optimistic about the long-term financial benefits for early adopters.

Meanwhile, political opponents have called the Bitcoin initiative a failure, claiming “nobody” uses it. In response, the government is ramping up efforts to promote Bitcoin awareness, focusing on education. Recently, a Bitcoin training program was launched for 80,000 public servants.