Many Countries Will Follow if Their Bitcoin Experiment Succeeds

El Salvador became the first country to make Bitcoin legal tender in Sept 2021
BTC Price at the time of writing – $19,202.01
El Salvador’s Bitcoin experiment has failed, critics argue

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 made by mainstream media and rating agencies, his nation is not failing as a result of its bet on Bitcoin.

You may be aware that on June 5, 2021, Jack Mallers, founder and CEO of Bitcoin payments startup Zap Solutions, made the announcement at the Bitcoin 2021 conference in Miami that El Salvador’s government wanted to pass legislation to make Bitcoin legal tender (along with the U.S. dollar).

Last $BTC purchase took place on 30 June 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 Legislative Assembly approved this proposed bill on June 9, 2021, with 62 out of 84 votes cast in its favor.

Then, on June 25, 2021, a report from Reuters said that El Salvador President Nayib Bukele had said in a national address on June 24, 2021, that the “Bitcoin Law” would go into effect on September 7, 2021.

President Bukele announced on September 6, 2021, that his nation had purchased its first 200 bitcoins and planned to purchase a lot more. El Salvador is estimated to have purchased 2,381 bitcoins over the course of 11 Bitcoin purchases made in September 2021.

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BTC Market Cap is down by 1% over the last 24 hours

El Salvador made its most recent purchase of $BTC on June 30, 2022, when it purchased 80 coins for an average price of $19,000.

Despite the fact that El Salvador’s small Central American nation has unrealized losses on its Bitcoin investment, some critics contend that the country’s Bitcoin experiment was unsuccessful.

On the other hand, there are also Salvodrans who are extremely pleased and proud of their nation’s decision to embark on this journey.

President Bukele wrote an op-ed piece for Bitcoin Magazine. In it, he talked about the people who are criticizing El Salvador for betting on Bitcoin.

He said that his country is doing well despite all of 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 his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing