El Salvador – one of the smallest and most populous countries in Central America – could become one of the richest countries in the world by embracing Bitcoin.
This country became the first country in the world to accept Bitcoin as legal tender in September 2021.
Then, on November 16, 2022, El Salvador’s President Nayib Bukele announced that the government will begin buying 1 BTC per day.
Although President Bukele’s decision has faced much criticism, there is information that Bitcoin held by the Salvadoran government – around 2,000 BTC – is now worth over 150 million USD.
Despite being impressive, President Bukele also declared that he has no plans to sell the massive amount of Bitcoin owned by the country. As the Bitcoin halving event approaches, El Salvador may still profit even more if the price of BTC continues to rise.
El Salvador could become one of the richest countries
For this reason, experts in the industry predict that El Salvador could eventually become one of the richest countries in the world.
Venture capitalist Tim Draper based in Silicon Valley recently stated on the Web3 Deep Dive podcast that El Salvador is developing as a transformative country, noting that it could soon become one of the most attractive places in the world to live.
Draper also pointed out that if Bitcoin reaches $100,000, then El Salvador may repay its debts to the International Monetary Fund (IMF) .
Reiterating this, Alexander Mamasidikov, Founder and CEO of CrossFi – told Cryptonews that he believes El Salvador will soon achieve financial independence.
Mamasidikov said: “This will allow the country to focus entirely on its internal tasks. Recognizing Bitcoin as legal currency has enabled the government to completely change its financial model and follow its own path.”
