Three years ago, El Salvador made a groundbreaking decision. It became the first country to adopt Bitcoin as legal tender. This move has sparked significant growth and development for the nation.
In recognition of this milestone, Max Keiser, a senior Bitcoin adviser to President Nayib Bukele, shared the government’s vision for increasing Bitcoin access. He said, “Our plan is to provide every Salvadoran with a Bitcoin cold storage solution. Even a small savings of $0.50 in Bitcoin can create funds for education, retirement, and inheritance.”
Keiser’s comments highlight the supportive stance of President Bukele’s government toward Bitcoin. Initially, organizations like the IMF criticized this adoption. However, they later acknowledged that Bitcoin has not harmed the country’s economy. In fact, it has benefited El Salvador. The national Bitcoin wallet holds 5,865 BTC and has generated over $31 million in unrealized gains. While this profit may seem modest, the broader impact includes increased global recognition and investment in the country.
For context, a port in the proposed Bitcoin City is one of two that Turkish company Yilport Holdings plans to upgrade with a remarkable investment of $1.6 billion. Additionally, Bukele’s administration has gained attention for its strong commitment to freedom of speech and individual rights.
President Bukele emphasized this commitment in a recent statement. He described 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,” he stated.
Despite these advancements, Bukele admitted that Bitcoin adoption hasn’t reached expected levels. He attributes this to its voluntary use in the country but remains hopeful about the long-term financial benefits for early adopters. On the other hand, political opponents have labeled the Bitcoin initiative a failure, claiming that “nobody” uses it. In response, the government is stepping up efforts to promote Bitcoin awareness, focusing on education. Recently, they launched a Bitcoin training program for 80,000 public servants.