We’re On An Anniversary For The First In Bitcoin History! Did El Salvador Succeed in BTC Experiment?

Central American country El Salvador He broke new ground in the world by accepting Bitcoin as a legal currency.

And today El Salvador’s most talked about and criticized Bitcoin (BTC) It has been exactly one year since his decision.

In the country with great enthusiasm bitcoin Head of state announcing the adoption of the law Nayib Bukele He said that the adoption of BTC will bring great convenience and benefit to the population that does not have access to banking services by 2021.

President Bukele also stated that Bitcoin will help attract foreign investors to the country and reduce reliance on the US dollar in the country’s economy.

However, there is a question mark in minds whether the events promised by Bukele have actually come true.

Because when El Salvador accepted Bitcoin as legal currency BTC It was around $46,000.

However, compared to BTC’s current level of $18,845, BTC has lost about 60% in a year.

President Bukele is all over El Salvador. bitcoin Although he said that he bought the fall and the bottom in BTC when he announced that he bought it, considering the declines that Bitcoin has experienced in this year, El Salvador’s bitcoin suffered a loss in its entirety.

“Nothing to Worry About!”

El Salvador’s finance minister, Alejandro Zelaya, said in a statement on the subject. BTCHe said that despite the declines in Turkey, there was no loss or loss as the country did not sell the BTCs it held.

Zeleya “The country’s financial risk is extremely low due to the decline of Bitcoins.” said.

However, in the face of the sharp declines in the price of Bitcoin in El Salvador, some names of the crypto industry “El Salvador’s adoption of Bitcoin is seen as a failed Bitcoin experiment” He couldn’t avoid being exposed to his comments.

of El Salvador bitcoin Although the decision received much criticism from international organizations and BTC Although it has lost a great deal of value, this does not really mean that the country’s Bitcoin decision has failed.

Because the adoption of Bitcoin in the country has been successful in attracting foreign investors and tourists. According to research on this subject, tourism in El Salvador rose in the first half of 2022, and 1.1 million tourists came to the country this year.