The President of El Salvador claims the county has more Bitcoin wallets than bank accounts

El Salvador continues to make history with its Bitcoin after it officially introduced BTC as legal tender in September this year. Nayib Bukele, the country’s president and one of the key architects behind El Salvador’s historic decision, announced that the number of people using Bitcoin wallets in the country is exceeding the number of people using bank accounts.

There is a country on earth where more people are using #bitcoin wallets as bank accounts.

Probably nothing. https://t.co/bZb4M6XZZZ

– Nayib Bukele 🇸🇻 (@nayibbukele) November 15, 2021

The small Central American nation was heavily criticized for its introduction of BTC and everyone warned of the consequences. However, President Bukele has made it clear that the introduction is not just advertising or a PR gag, but rather to ensure banking facilities for more than 70% of the population without a bank. The rollout was fraught with challenges, including some violent protests, but now the country already seems to be reaping the rewards of Bitcoin adoption.

President Bukele has been working to add new Bitcoin-related services and features, and the country is already seeing millions of transfers daily from hundreds of Bitcoin ATMs. Bukele also started buying Bitcoin dips from the treasury, buying over 800 Bitcoin in recent months as the BTC price traded in the $ 30,000 to $ 40,000 range. Now that the price of the top cryptocurrency has almost doubled, the profits from its BTC holdings will be used to build hospitals and schools.

Will others follow suit on El Salvador’s success?

Many other nations suffering from financial instability, inflation and international sanctions have indicated that they will follow El Salvador’s path. However, no other country has decided to make it legal tender again, despite the fact that crypto usage has been partially legalized in its financial ecosystem. El Salvador has become a blatant example of Bitcoin’s success story, and if things went as planned it would become one of the most sustainable and affluent places to live.

The world superpowers have also decided to enact new rules and regulations around Bitcoin and the crypto market after failing to ban it. Aside from China, most of the other formidable nations have made it clear that they have no intention of banning Bitcoin entirely.

Disclaimer of liability

The content presented may contain the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.

About the author

As a graduate engineer, Prashant focuses on the British and Indian markets. As a crypto journalist, his interest lies in the introduction of blockchain technology in emerging countries.

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