El Salvador: First Nation to Adopt Bitcoin as Legal Tender

El Salvador made history on June 9, 2021, by becoming the first country to officially adopt Bitcoin as legal tender, following a proposal by President Nayib Bukele. The nation began accumulating Bitcoin for its national reserve in September 2021.

The top 3

  1. El Salvador's Sovereign Bitcoin Holdings & Performance: As the first nation to hold Bitcoin, El Salvador's treasury currently contains approximately 7,474 BTC, valued at over $480 million, with an estimated average purchase price around $45,000-$55,000, yielding significant unrealized gains.
  2. Bitcoin City: World's First Tax-Free Geothermal Crypto Hub: El Salvador plans Bitcoin City, a revolutionary tax-free metropolis powered by geothermal energy for Bitcoin mining, to be funded by 'Volcano Bonds' which received regulatory approval for a Q1 2024 launch after initial delays.
  3. Global Institutions' Warnings on El Salvador's Bitcoin Move: The IMF and World Bank issued strong warnings regarding El Salvador's Bitcoin Law, citing concerns over financial stability, consumer protection, environmental impact, and transparency issues.

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