President Bukele Signals Surging Bitcoin Revenue and Crypto Initiatives for El Salvador
President Nayib Bukele of El Salvador hinted that the country’s bitcoin holdings might surpass public estimates, indicating various revenue streams from bitcoin in addition to profits gained from purchases made since legalizing it as a legal tender alongside the U.S. dollar in September 2021.
El Salvador generates bitcoin-related income through its passport program, converting BTC to USD for local businesses, mining, and government services. While President Bukele publicly disclosed only some BTC purchases, he suggested undisclosed acquisitions, estimated at over $202 million, benefiting from bitcoin’s surging price.
Plans include issuing bitcoin-backed bonds, constructing Bitcoin City, and offering passports to investors contributing $1 million in BTC. The Salvadoran government is positioning itself for the digital future, emphasizing its modern Digital Assets Law and Bitcoin Law. Bukele’s commitment to retaining bitcoin as legal tender under his reelected leadership affirms the country’s ongoing dedication to cryptocurrency adoption and innovation.
Clever Robot News Desk 14th March 2024
