El Salvador – one of the smallest and most populous countries in Central America – could become one of the wealthiest nations in the world by holding Bitcoin.
The country became the first nation in the world to accept Bitcoin as legal tender in September 2021.
Then, on November 16, 2022, El Salvador President Nayib Bukele announced that the government would start buying 1 BTC per day.
Despite the criticism faced by President Bukele’s decision, there is information that the Bitcoin held by the El Salvador government – over 2,000 BTC – is now worth over 150 million USD.
Although impressive, President Bukele also stated that he has no plans to sell the country’s massive Bitcoin holdings. As the Bitcoin halving event approaches, El Salvador could potentially earn even more profits if the price of BTC continues to rise.
El Salvador could become one of the wealthiest nations
Because of this, experts in the industry predict that El Salvador could ultimately become one of the wealthiest nations 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 progressive nation, noting that the region could soon become one of the most attractive places to live in the world .
Draper further points out that if Bitcoin hits $100,000, then El Salvador could pay off 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 be financially independent.
Mamasidikov said: “This will allow the country to fully focus on its internal tasks. Recognizing Bitcoin as legal tender has completely changed the government’s financial model and allowed it to forge its own path.”
