El Salvador's Journey of Bitcoin
Hey folks.
Embrace of Bitcoin by El Salvador has been mixed with success and challenges. El Salvador now holds over $411 in Bitcoin, with a Bitcoin portfolio of more than 5,772.
With his recent reelection to a second term, President Nayib Bukele has strengthened his support for Bitcoin. The nation has kept buying Bitcoin, accumulating up to 30 BTC each month. El Salvador had unrealized earnings from its Bitcoin investments of more than $70 million as of May.
During his re-election, Bukele said,
“Let’s not lose perspective. Here we are not just changing a country, we are changing a paradigm. We have already accomplished more than anyone could have imagined. Other people would like to have what we have now,”.
The government of El Salvador continues steady in its support for Bitcoin irrespective of the volatility of the crypto market. El Salvadore has maintained its holdings of Bitcoin and invests in them consistently. Furthermore, the country continues to integrate Bitcoin into its many sectors of the economy.
For example, residents of El Salvador can pay taxes, for products and services, and even with Bitcoin using the official Chivo Wallet. Additionally, the government has put laws and incentives in place to entice cryptocurrency investments, such as passports for citizenship and mining services.
Using volcanic energy, El Salvador has also invested in Bitcoin mining. Taking advantage of the nation's geothermal resources, the state plant situated atop the Tecapa volcano runs about 300 processors. This investment comes at a time when the mining difficulty of Bitcoin has reached an all-time high, which shows the innovative approach by the nation.
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