El Salvador was the first country to take a leap of faith with Bitcoin by implementing it as a legal tender in September 2021 alongside the dollar, and the risk is finally paying off.
While this was a huge step for the nation, there was a heightened unease about El Salvador’s ability to pay off its loans ever since the country adopted Bitcoin. But for now, that possibility seems far off.
Maybe it was because President Nayib Bukele decided to buy a Bitcoin every day starting Nov 18, 2022, which was announced on Twitter.
Concrete Results for El Salvador
And now, the Central American Nation is seeing concrete results. According to Treasury Minister Alejandro Zelaya, El Salvador’s government has managed to pay off one of its two government bonds, both of which are worth $800 million.
The news was announced on Twitter on the 23rd of January. The second bond – set to mature in January 2025 – still has $367 million, excluding interest owed on it.
When El Salvador announced its decision in 2021 to integrate Bitcoin as legal tender into the economy, a national wallet called “Chivo Wallet” was created by its government. It was the first such initiative at a government level.
After just one month of Bitcoin becoming legal, 2.2 million residents were onboarded onto Chivo Wallet. Approximately 50% of El Salvadoreans downloaded the app by early 2022.
When El Salvador opted to start buying Bitcoin on Nov 18th, 2022, the price was $16,687 (As per CoinMarketCap). Now the country’s portfolio is flush with capital gains from Bitcoin, as the current price is $28,500 approximately at the time of writing this article.
In hindsight, the government had a 20/20 investment vision since the price of Bitcoin has done nothing but move up.
This is also an excellent example of Dollar Cost Averaging, where an investor buys a stock every day, week, or month regardless of price fluctuations because of a belief that, over the long term, the price will go up.
El Salvador leads the race to national crypto implementation in other aspects as well.
According to Bloomberg, El Salvador passed legislation in January that allows the country to raise funds through Bitcoin-denominated bonds, being the first country to do so.
Signuptoken.com Gains 2000 Email Registrations; Ultimate Target is 1M Signups
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So far, Signuptoken.com has acquired over 2000 sign ups but is ultimately aiming for 1 million, after which it will finally go live. This gives investors a no-cost entrance into the cryptocurrency’s community and ownership, which means when it launches on Uniswap, those who have the email sign-up activated will be the first to receive and buy at the earliest window available – essentially increasing one’s chance for profit.
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