El Salvador Adopts Bitcoin as Legal Tender on Third Anniversary, Has Floated More Than $31 Million
Today marks the third anniversary of El Salvador's adoption of BTC as legal tender, three years after bitcoin became legal tender in the country on September 7, 2021, Cointelegraph reports. The country aims to promote financial inclusion, facilitate more efficient remittance payments, and attract financial innovation. “President Buclé's decision to adopt Bitcoin makes the country a historic crypto-asset pioneer.”
El Salvador has been purchasing Bitcoin on a dollar-cost averaging basis since 2021, buying one per day, and has purchased its current position at an average cost of $43,877 per Bitcoin, and according to the Salvadoran Ministry of Finance's website, the country is currently holding a total of 5,865 Bitcoins valued at more than $318 million, with a profit of $31 million.
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