Many countries will follow if their Bitcoin experiment succeeds – Nayib Bukele
- El Salvador became the first country to make Bitcoin legal tender in September 2021
- BTC price at time of writing – $19,202.01
- El Salvador’s Bitcoin experiment has failed, critics claim
Nayib Bukele, the president of El Salvador, which became the first nation to legalize Bitcoin in September 2021, stated in an opinion piece that contrary to claims by mainstream media and rating agencies, his nation is not failing as a result of its efforts. on Bitcoin.
You may be aware that on June 5, 2021, Jack Mallers, founder and CEO of Bitcoin payment startup Zap Solutions, announced at the Bitcoin 2021 conference in Miami that El Salvador’s government wanted to pass legislation to make Bitcoin legal tender (along with U.S. dollars).
Last $BTC purchase took place on June 30, 2022
An emotional Mallers read out a small section of the proposed bill and a recorded video message from President Bukele during his speech. Mallers went on to say that Blockstream would help his company open an innovation center in El Salvador.
The Legislature approved this proposed bill on June 9, 2021, with 62 of 84 votes cast in its favor.
Then, on June 25, 2021, a Reuters report said that El Salvador’s President Nayib Bukele had said in a national speech on June 24, 2021 that the “Bitcoin Law” would take effect on September 7, 2021.
On September 6, 2021, President Bukele announced that his nation had purchased its first 200 bitcoins and planned to purchase many more. El Salvador is estimated to have purchased 2,381 bitcoins during 11 Bitcoin purchases made in September 2021.
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BTC Market Cap is down 1% in the last 24 hours
El Salvador made its last purchase of $BTC on June 30, 2022, when it bought 80 coins at an average price of $19,000.
Despite the small Central American nation of El Salvador having unrealized losses on its Bitcoin investment, some critics argue that the country’s Bitcoin experiment was a failure.
On the other hand, there are also Salvodranians who are extremely happy and proud of their nation’s decision to embark on this journey.
President Bukele wrote a commentary for Bitcoin Magazine. In it, he talked about the people who criticize El Salvador for betting on Bitcoin.
He said that his country is doing well despite all their stories of doom and gloom and that if “If El Salvador succeeds, many countries will follow.”
Andrew is a blockchain developer who developed his interest in cryptocurrencies while graduating. A keen observer of detail, he shares his passion for writing alongside being a developer. His backend knowledge of blockchain helps him bring a unique perspective to his writing
