In a big move for its digital economy, El Salvador is all-in on Bitcoin (BTC), the famous digital money. Led by President Nayib Bukele, the country is buying one Bitcoin every day. They’ll keep doing this as long as they can afford it. Now, they have 5,690 BTC, worth around $400 million.

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• El Salvador buys a lot of Bitcoin and now has 5,690 BTC worth about $400 million.
• The country stops taxing income from money coming in from other countries to attract more investors and help the economy grow.
• El Salvador moved a lot of its bitcoin to a safer place, showing that it really believes in crypto for the long run.

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El Salvador Steps Up Its Bitcoin Game, Becomes a Big Player in Crypto

This news is part of CoinDesk’s “Future of Bitcoin” stories, looking ahead to Bitcoin’s big event in April 2024. Tatiana Koffman from Moonwalker Capital, who writes a cool finance newsletter, shares her expertise.

El Salvador has also cut the income tax for money coming in from abroad to zero. This big change is meant to make El Salvador a great place for investing in cryptocurrency.

The country also moved over 5,000 BTC to a cold wallet. This is a way to keep Bitcoin safe, not connected to the internet. President Bukele said these Bitcoins, worth $400 million, are now in a secure place in El Salvador. This move shows they’re serious about keeping their Bitcoin safe and believe in its future value.

El Salvador’s Bitcoin stash got a lot bigger after buying more in different ways, like selling passports. Before, people thought they had less than 3,000 BTC.

In September 2021, El Salvador was the first to say Bitcoin is real money you can use. Even though Bitcoin’s price goes up and down a lot, El Salvador keeps buying more. They also made a place where you don’t have to pay tax on crypto stuff, powered by energy from a volcano. President Bukele hopes Bitcoin will help make El Salvador richer, even though some big groups like the International Monetary Fund (IMF) have said to be careful.

El Salvador’s big move into Bitcoin and making it easier for crypto investments might change how countries think about digital money. As El Salvador keeps adding to its Bitcoin plan, it could show other countries a new way to think about money.

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