Browsing: Nayib Bukele

El Salvador Bitcoin purchases have made headlines once again as the country bolsters its already substantial Bitcoin reserve, acquiring 12 BTC in just one day.Amid a recent crypto market downturn, President Nayib Bukele’s government took advantage of lower prices, spending over $1.1 million for 11 Bitcoin at an average price of $101,816 each.

Bitcoin adoption in El Salvador has been a focal point of international discourse since President Nayib Bukele made the groundbreaking decision to recognize the cryptocurrency as legal tender.This bold move aimed to revolutionize the country’s economy and attract foreign investment, but recent developments have cast shadows over its future.

El Salvador Bitcoin law reform marks a pivotal shift in the nation’s cryptocurrency landscape, as the Salvadoran Congress has recently passed legislation to modify the existing Bitcoin framework.This reform comes in response to International Monetary Fund (IMF) requirements, leading to the withdrawal of Bitcoin’s legal tender status.