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El Salvador’s Bitcoin Reserves Hit Half Billion Mark

El Salvador’s strategy to invest in Bitcoin is one of the examples that can be seen in the attempts made by the country to save cryptocurrency.

Claudia Fischer

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El Salvador's Bitcoin Reserves Hit Half Billion Mark

El Salvador‘s bold move as the first Bitcoin legal tender sees reserves soar to over 5,700 bitcoins, signaling investor rush and crypto-friendly policies. El Salvador was the first ever nation to have become a Bitcoin legal tender since 2021.

On Monday, President Nayib Bukele unveiled that the country boasts 5,700 bitcoins. At a market value of around $ 70,000 for one Bitcoin, the country’s assets are evaluated to be over half a billion.

Unforeseen Rush by Investors to Own Bitcoin.

El Salvador’s strategy to invest in Bitcoin is one of the examples that can be seen in the attempts made by the country to save cryptocurrency.

The government has added its Bitcoin reserves through new methods, such as purchasing one Bitcoin per day. These are derived from proceeds of passport sales, conversion fees given to local businesses, revenue-generating gateways, and local mining activities.

Bitcoin-Friendly Policies Strengthened

The government of El Salvador recently came up with some initiatives to attract more people who are interested in investing in Bitcoins. The country entirely eradicated taxes on foreign funds deposited in its country, and this made the country a profitable investment destination. Firstly, a regulation that was set up in December allows any Bitcoin investor to be granted citizenship.

Also Read: Google Cloud Digitizes Governance, Education, and Healthcare in El Salvador

This innovation proves the country’s responsibility to embrace Bitcoin’s potential, thereby using it accordingly for the country’s economic growth and development. The state’s action not only shows its acceptance within the global crypto community but also sets a new standard in private finance and innovative practices.

The country is gradually building Bitcoin reserves to its government balance and implementing legislation that is friendly to cryptocurrencies, which allows cryptocurrencies to be used as legal tender on a state level.

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