El Salvador Continues to Double Down on its Bitcoin Strategy

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Back in the year 2021, El Salvador made headlines when it became the first country to make Bitcoin legal tender. It is reported that El Salvador under the leadership of Nayib Bukele has since then continued pushing for more Bitcoin with the country's president Nayib Bukele buying big amounts of the crypto.

As per a report, Bukele in the mid November said that he will begin buying 1 Bitcoin per day from November 18. As of now reportedly the country is said to have around 2,381 Bitcoin.

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Bukele's move towards Bitcoin is something being praised by the crypto industry but on the other hand criticized by international institutions like International Monetary Fund (IMF) and World Bank.

Not to forget, Bukele also created a National Bitcoin Office in the country in late 2022 in conjunction with Stacy Herbert and Max Keiser who are said to be the known Bitcoiners.

Remittances from overseas based Salvadorans are reported to be a main source of income but reportedly crypto accounts for less than 2% of all the remittances made to the country.

The reason might probably be because of the stance of a country like United States towards cryptocurrency which ain't much favorable for the industry and also no clear regulations across the globe. And it might also be because of the crypto market struggling for some time now with the prices of most of the cryptocurrencies dipped down including Bitcoin.

It would be interesting to see how Salvadoran and the rest of the globe reacts to the crypto market recovers back and moves to bulls.