El Salvador’s President Nayib Bukele has announced a donation of 2 Bitcoin, valued at approximately $133,000.
According to Bitcoin Magazine, the donation is to support an initiative aimed at building 1,000 schools in Honduras. This gesture comes as the Salvadoran government continues its strategy of purchasing 1 BTC daily since March 16.
El Salvador’s Bitcoin leadership
El Salvador has established itself as a global pioneer in Bitcoin adoption. It all started when it became the first country to recognize Bitcoin as legal tender on September 7, 2021. Under Bukele’s leadership, the country has implemented several strategies to integrate Bitcoin into its national economy and financial infrastructure.
The country’s Bitcoin Law was approved by the Legislative Assembly on June 9, 2021. It mandates all businesses to accept Bitcoin as a form of payment alongside the U.S. dollar. To facilitate adoption, the government launched the Chivo Wallet. They also provided citizens with a $30 Bitcoin incentive for downloading the application.
The government also installed numerous cryptocurrency ATMs throughout the country to enable easy exchange between Bitcoin and dollars.
El Salvador currently holds 5913 BTC
El Salvador has implemented several projects, including sustainable Bitcoin mining operations that harness geothermal energy from its volcanoes. This was one of the major moves by the country to address environmental concerns associated with crypto mining practices.
The government has also prioritized educational programs to enhance public understanding of Bitcoin and blockchain technology. According to recent data from Arkham, the Salvadoran government currently holds 5,913 BTC in its Treasury.
Their transaction history also reveals that the country has been accumulating 1 Bitcoin per day without fail.
This latest donation to support school construction in Honduras shows how El Salvador is using its Bitcoin holdings for regional development and humanitarian purposes.
The recent move by El Salvador comes amidst the mixed market conditions. The global crypto market cap is down by 0.3% in the last 24 hours. BTC is also hovering around the $67,300 level at press time, according to CoinMarketCap data.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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