This is how Bitcoin has evolved over the last three years, since the approval of the Bitcoin Bill in El Salvador: its price has risen by 90%.
On June 8, 2021, the National Assembly of El Salvador approved with a majority vote the Bitcoin Bill, which had been presented by the nation's president, Nayib Bukele, a few days earlier, on June 5, to make Bitcoin legal tender in the country.
The approval of this historic bill, which came into force on September 7 of that same year, marked a milestone both in the history of the country and in that of cryptocurrency, giving Bitcoin is recognized for the first time as a legitimate form of money.
President Bukele, the main proponent of the Bitcoin Law, was convinced that cryptocurrency would be a key contributor to the nation's development and growth, both economically and socially.
A milestone in the history of Bitcoin and El Salvador
The Bitcoin law, which meant the legal adoption of the cryptocurrency in the country, was approved with the aim of promoting innovation and protecting the Salvadoran economy from inflation. In addition, the legal regulations also encourage the exploration of new business opportunities, such as the so-called Volcano Bonds, and incentivize the production of volcanic energy for sustainable Bitcoin mining. All of this, with the aim of transforming the future of the nation.
Since the approval of the Bitcoin Law, El Salvador has also implemented other projects and ideas that have effectively improved the quality of life of its citizens and allowed the country to move towards a more promising future.
In relation to Bitcoin, in the last three years new initiatives have been launched in El Salvador that seek to normalize the use of cryptocurrency, accelerate the development of innovation and strengthen economic growth, encouraging partnerships and foreign capital investment, the education and training of professionals qualified for the new era of technology and the digital economy and promoting the creation of high-quality services accessible to citizens.
$400 million in Bitcoin
Since the passage of the historic Bitcoin Law to date, El Salvador has acquired 5.776,7 BTC, valued at $400 million USD, at the time of writing this article. Thus, the most capitalized cryptocurrency in the world has become an important part of the nation's reserves, which has become a trend for being a pioneer in the adoption and legal recognition of the digital asset.
BTC price increased by 90%
El bitcoin price has risen 90% since June 8, 2021, when the Bitcoin Law was approved in the National Assembly of El Salvador.
According to the CoinMarketCap price chart, Bitcoin was trading at around $36.500 when the bill presented by Bukele received a majority vote in the National Assembly. Now, the price of the market-leading cryptocurrency exceeds $69.000 per BTC.
Source: CoinMarketCap
Making Bitcoin legal tender in El Salvador has earned Bukele both praise and criticism. However, the Salvadoran president has remained steadfast in his belief in cryptocurrency as a crucial instrument to unlock the new value of the digital economy for his more than 6 million inhabitants and to promote economic development, job creation and social well-being. All of this has highlighted the impact of El Salvador’s bold Bitcoin adoption strategy.
