El Salvador will continue to buy one bitcoin daily

El Salvador is intensifying its involvement with cryptocurrency, particularly bitcoin (BTC), with President Nayib Bukele announcing plans to buy one bitcoin daily until it becomes financially unsustainable. This initiative has increased El Salvador’s bitcoin holdings to approximately 5,690 BTC, valued at $400 million. In conjunction with its cryptocurrency efforts, the country abolished income tax on international investments and money transfers, aiming to attract foreign investors and stimulate economic growth.

El Salvador further showcased its commitment to bitcoin by transferring over 5,000 BTC to a cold wallet, with a significant portion stored in a physical vault within the country. This move aims to enhance security and demonstrates strong confidence in bitcoin’s future. The decision came after the country’s bitcoin treasury unexpectedly doubled, attributed to various acquisition methods such as daily purchases, passport sales, currency conversions, mining, and government services.

Since adopting bitcoin as legal tender in September 2021, El Salvador has pursued innovative strategies to utilize cryptocurrency for economic development, including leveraging geothermal energy from a volcano to power its crypto infrastructure. President Bukele envisions transforming El Salvador into a prosperous nation through strategic investments and initiatives related to digital currency. Despite criticism from international bodies like the IMF, El Salvador remains resolute in its bitcoin strategy, signaling a significant shift in global perceptions and engagement with digital currencies.

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