It was on September 7, 2021, when Bitcoin (BTC) was inducted as a legal tender in El Salvador. The president of El Salvador was the very reason why Bitcoin was adopted as a legal tender. He proposed the idea of accepting Bitcoin as a legal tender and his proposal was accepted by the parliament with flying results.
Since then, El Salvador has done so much for the growth and expansion of the Bitcoin industry. It is the only country where Bitcoin is a legal tender so it holds a tremendous amount of value for the Bitcoin.
El Salvador has gradually become one of the largest investors in Bitcoin as it has introduced many projects for Bitcoin’s acquisition, adoption, and expansion.
Bitcoin’s Current Situation and El Salvador
Although El Salvador adopted Bitcoin when its price was around $50k, they still haven’t left its side. As of now, as the price of Bitcoin is facing its lowest price since 2018, even then ES is backing Bitcoin up.
Even the all-time high of around $69k that Bitcoin hit towards the end of 2021 can be attributed to various efforts of El Salvador. Around the same time, ES had announced that they were going to use the energy produced from volcanoes to mine Bitcoin.
The country even announced the launch of more than 400 ATM sites for Bitcoin for its mainstream expansion. Even many local restaurants and other brands, even international brands in El Salvador started to accept Bitcoin. This led to Bitcoin being able to hit its all-time high.
Nayib Bukele Comes for Bitcoin’s Aid
Now, when Bitcoin is facing a downtrend and a bad situation, El Salvador has shown it is backing it up with unconditional support. Nayib Bukele, who was responsible for getting Bitcoin approved in ES in the first place is providing his full support to Bitcoin.
Just when the confidence and the courage of the investors are giving in to the bearish market, Bukele has some advice for them. The president of ES asked his followers on Twitter and the entire cryptocurrency community not to worry about the current market trend.
He stated that the investors must not worry about the downfall the cryptocurrency sector is facing. They just have to wait it out and let the dark time pass until the day of light shines on the entire cryptocurrency universe.
As per Bukele, the investments of all investors, including the Bitcoin investors are safe. As long as their country is in the game, the Bitcoin investors have strong support on their side. They will not give up so easily and a mere dip in the cryptocurrency industry cannot be the end of it.
Such sentiments and confident words from a country largely invested in Bitcoin are very encouraging for the entire Bitcoin sector.
At the time of writing, Bitcoin trades at $19,983.85, up 9.40% in the past 24 hours. Still, the year-to-date growth rate is still -58.21% negative.