El Salvador’s Bitcoin strategy hits a high note, Signuptoken.com gets a lot of attention

El Salvador was the first country to take a leap of faith with Bitcoin by implementing it as legal tender in September 2021 alongside the dollar, and the risk is finally paying off.

While this was a big step for the nation, there was increased concern over El Salvador’s ability to pay off its loans ever since the country adopted Bitcoin. But for now, that possibility seems far away.

Perhaps it was because President Nayib Bukele decided to buy one Bitcoin every day starting November 18, 2022, which was announced on Twitter.

Concrete results for El Salvador

And now the Central American nation is seeing concrete results. According to Finance 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 dollars.

The news was announced on Twitter on January 23. The second bond — set to mature in January 2025 — still has $367 million, excluding interest owed.

When El Salvador announced its decision in 2021 to integrate Bitcoin as legal tender in the economy, a national wallet called “Chivo Wallet” was created by the government. It was the first such initiative at government level.

After just one month of Bitcoin becoming legal, 2.2 million citizens were onboarded to the Chivo Wallet. About 50% of El Salvador residents downloaded the app by early 2022.

When El Salvador chose to start buying Bitcoin on November 18, 2022, the price was $16,687 (according to CoinMarketCap). Now the country’s portfolio is flush with capital gains from Bitcoin, as the current price is $28,500 around the time of writing this article.

In hindsight, the government had 20/20 investment vision since the price of Bitcoin has done nothing but go 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 due to a belief that the price will go up in the long term.

El Salvador is leading the race toward national crypto implementation in other aspects as well.

According to Bloomberg, El Salvador passed legislation in January allowing the country to raise funds through Bitcoin-denominated bonds, becoming the first country to do so.

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