El Salvador aims for economic growth with the adoption of Bitcoin

El Salvador aims for economic growth with the adoption of Bitcoin - el salvador 800x500 1Bitcoin, the most valuable cryptocurrency in the world, recently received the support of Nayib Bukele, president of El Salvador, after announcing plans to make Bitcoin legal tender in the Central American country.

In an official announcement released last Saturday, the 39-year-old president stressed the importance of Bitcoin for El Salvador's economic growth. Bukele said he is planning to send a bill to Congress next week in an effort to adopt BTC as legal tender.

“Bitcoin has a market capitalization of $ 680 billion. If 1% of it were invested in El Salvador, our GDP would increase by 25%. On the other hand, Bitcoin will have 10 million potential new users and the fastest growing way to transfer $ 6 billion annually in remittances. Furthermore, a large chunk of that $ 6 billion is lost to intermediaries. Using BTC, the amount received by over one million low-income families will increase by the equivalent of billions of dollars each year. This will improve the lives and futures of millions of people, ”Bukele said on Twitter.

The latest announcement from the President of El Salvador came just days after Miami Mayor Francos Suarez revealed his holdings in Bitcoin and Ethereum.

Adoption of Bitcoin

Since the beginning of 2021, Bitcoin adoption has increased rapidly. Major organizations around the world have started accepting Bitcoin as a payment method and have added BTC to their balance sheets. Chinese tech firm, Meitu, recently announced that the company owns more than $ 100 million worth of cryptocurrency assets including BTC and Ethereum. 

MicroStrategy, a leading business intelligence firm, now has more than 92.000 BTC. Despite corporate adoption, analysts have raised concerns about Bitcoin's legal status in the past. However, the latest announcement from El Salvador shows that countries have begun to consider adopting BTC as a legal form of money. The largest cryptocurrency in the world is currently trading above $ 36.000 with a market capitalization of over $ 682 billion.

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