El Salvador Goes On A $21 Million Crypto Buying Spree As Bitcoin Becomes Legal Tender (2024)

Breaking

43 minutes ago

Tire Falls Off United Airlines Boeing Flight While Departing San Francisco

3 hours ago

Key House Panel Passes Potential TikTok Ban In 50-0 Vote

3 hours ago

MIT Students Accuse University Of Allowing Antisemitism In Latest University Discrimination Lawsuit

3 hours ago

Here Are The Big Announcements Coming In Biden’s State Of The Union

3 hours ago

Trump’s Hush Money Trial Jurors Will Be Kept Secret From Public, Judge Rules

4 hours ago

Trump Must Pay Over $300,000 Legal Bill To Company Linked To Steele Dossier, Judge Rules

4 hours ago

Rivian Pauses Planned $5 Billion Georgia EV Plant—And Its Shares Surge

5 hours ago

5 hours ago

Rivian Shares Pop As CEO RJ Scaringe Shows Off 3 Small Electric Crossovers

6 hours ago

NTSB Investigating Another Boeing 737 MAX Aircraft

6 hours ago

Aldi Adding 800 New U.S. Stores By 2028—A $9 Billion Investment

7 hours ago

Biden Will Order Military Port For Gaza Humanitarian Aid

7 hours ago

Utah Doesn’t Want Officials To Use Bird’s New More ‘Inclusive’ Names — What To Know About National Push To Rename Species, Places

7 hours ago

Ozempic Maker’s New Weight Loss Pill Beats Wegovy In Early Trial — What To Know About Novo Nordisk’s Amycretin

7 hours ago

Sweden Officially Joins NATO In Blow To Russia

8 hours ago

Who Is Katie Britt? Alabama Senator Will Give GOP Response To Biden’s State Of The Union.

9 hours ago

Elon Musk’s SpaceX Under Investigation By Democrats Over Russia’s Alleged Starlink Use

9 hours ago

Ozempic Maker Novo Nordisk More Valuable Than Tesla

10 hours ago

Loneliness And Depression In Teens Linked To Lack Of Sleep And Early School Start Times, New Report Shows

10 hours ago

Xcel Energy Admits Role In Worst Wildfire In Texas History

43 minutes ago

Tire Falls Off United Airlines Boeing Flight While Departing San Francisco","scope":{"topStory":{"index":1,"title":"Tire Falls Off United Airlines Boeing Flight While Departing San Francisco","image":"https://specials-images.forbesimg.com/imageserve/65ea52e400d821488ecc068f/290x0.jpg?cropX1=0&cropX2=1977&cropY1=0&cropY2=1318","isHappeningNowArticle":true,"date":"43 minutes ago","uri":"https://www.forbes.com/sites/antoniopequenoiv/2024/03/07/tire-falls-off-united-airlines-boeing-flight-while-departing-san-francisco/"}},"id":"8r5eaf1hbi8000"},{"textContent":"

3 hours ago

Key House Panel Passes Potential TikTok Ban In 50-0 Vote","scope":{"topStory":{"index":2,"title":"Key House Panel Passes Potential TikTok Ban In 50-0 Vote","image":"https://specials-images.forbesimg.com/imageserve/65ea36804f0ffe45ff115dcb/290x0.jpg?cropX1=0&cropX2=3693&cropY1=185&cropY2=2261","isHappeningNowArticle":true,"date":"3 hours ago","uri":"https://www.forbes.com/sites/brianbushard/2024/03/07/key-house-panel-passes-potential-tiktok-ban-in-50-0-vote/"}},"id":"9o67i9om2l6o00"},{"textContent":"

3 hours ago

MIT Students Accuse University Of Allowing Antisemitism In Latest University Discrimination Lawsuit","scope":{"topStory":{"index":3,"title":"MIT Students Accuse University Of Allowing Antisemitism In Latest University Discrimination Lawsuit","image":"https://specials-images.forbesimg.com/imageserve/65ea386ccf94ac1bdc55595c/290x0.jpg?cropX1=0&cropX2=2054&cropY1=0&cropY2=1371","isHappeningNowArticle":true,"date":"3 hours ago","uri":"https://www.forbes.com/sites/antoniopequenoiv/2024/03/07/mit-students-accuse-university-of-allowing-antisemitism-in-latest-university-discrimination-lawsuit/"}},"id":"88c0j68jfqoo00"},{"textContent":"

3 hours ago

Here Are The Big Announcements Coming In Biden’s State Of The Union","scope":{"topStory":{"index":4,"title":"Here Are The Big Announcements Coming In Biden’s State Of The Union","image":"https://specials-images.forbesimg.com/imageserve/65e7e8352932c86f6dd82e0e/0x0.jpg","isHappeningNowArticle":true,"date":"3 hours ago","uri":"https://www.forbes.com/sites/saradorn/2024/03/07/here-are-the-big-announcements-coming-in-bidens-state-of-the-union/"}},"id":"1eh12fd032lg0"},{"textContent":"

3 hours ago

Trump’s Hush Money Trial Jurors Will Be Kept Secret From Public, Judge Rules","scope":{"topStory":{"index":5,"title":"Trump’s Hush Money Trial Jurors Will Be Kept Secret From Public, Judge Rules","image":"https://specials-images.forbesimg.com/imageserve/65ea2d27e2cb572ee4b43221/290x0.jpg?cropX1=0&cropX2=2492&cropY1=128&cropY2=1529","isHappeningNowArticle":true,"date":"3 hours ago","uri":"https://www.forbes.com/sites/zacharyfolk/2024/03/07/trumps-hush-money-trial-jurors-will-be-kept-secret-from-public-judge-rules/"}},"id":"3qmhgokfq38800"},{"textContent":"

4 hours ago

Trump Must Pay Over $300,000 Legal Bill To Company Linked To Steele Dossier, Judge Rules","scope":{"topStory":{"index":6,"title":"Trump Must Pay Over $300,000 Legal Bill To Company Linked To Steele Dossier, Judge Rules","image":"https://specials-images.forbesimg.com/imageserve/65ea2e7bdfa46d79fd47ab6f/290x0.jpg","isHappeningNowArticle":true,"date":"4 hours ago","uri":"https://www.forbes.com/sites/anafa*guy/2024/03/07/trump-must-pay-over-300000-legal-bill-to-company-linked-to-steele-dossier-judge-rules/"}},"id":"8rfj4l5ea62o00"},{"textContent":"

4 hours ago

Rivian Pauses Planned $5 Billion Georgia EV Plant—And Its Shares Surge","scope":{"topStory":{"index":7,"title":"Rivian Pauses Planned $5 Billion Georgia EV Plant—And Its Shares Surge","image":"https://specials-images.forbesimg.com/imageserve/6491c22303d9b79e863b363e/290x0.jpg?cropX1=0&cropX2=3010&cropY1=153&cropY2=1847","isHappeningNowArticle":true,"date":"4 hours ago","uri":"https://www.forbes.com/sites/brianbushard/2024/03/07/rivian-halts-planned-5-billion-georgia-ev-plant-and-its-shares-surge/"}},"id":"1c27r844qpim00"},{"textContent":"

5 hours ago

Sargento Recalls Shredded Cheese In 15 States Over Listeria Concerns","scope":{"topStory":{"index":8,"title":"Sargento Recalls Shredded Cheese In 15 States Over Listeria Concerns","image":"https://specials-images.forbesimg.com/imageserve/65ea264a5f9b87b2d401d80f/290x0.jpg?cropX1=0&cropX2=4740&cropY1=151&cropY2=2819","isHappeningNowArticle":true,"date":"5 hours ago","uri":"https://www.forbes.com/sites/maryroeloffs/2024/03/07/sargento-recalls-shredded-cheese-in-15-states-over-listeria-concerns/"}},"id":"3jkbkqo4li7k00"},{"textContent":"

5 hours ago

","scope":{"topStory":{"index":9,"title":"S&P 500 Sets Another Record—And These Stocks Hit All-Time Highs","image":"https://specials-images.forbesimg.com/imageserve/65ea1b1bb489d4935217f18a/290x0.jpg?cropX1=0&cropX2=1750&cropY1=0&cropY2=984","isHappeningNowArticle":true,"date":"5 hours ago","uri":"https://www.forbes.com/sites/dereksaul/2024/03/07/sp-500-sets-another-record-and-these-stocks-hit-all-time-highs/"}},"id":"6qkn6k34442k00"},{"textContent":"

5 hours ago

Rivian Shares Pop As CEO RJ Scaringe Shows Off 3 Small Electric Crossovers","scope":{"topStory":{"index":10,"title":"Rivian Shares Pop As CEO RJ Scaringe Shows Off 3 Small Electric Crossovers","image":"https://specials-images.forbesimg.com/imageserve/65ea15a040360554064be513/290x0.jpg?cropX1=0&cropX2=2424&cropY1=266&cropY2=1625","isHappeningNowArticle":true,"date":"5 hours ago","uri":"https://www.forbes.com/sites/alanohnsman/2024/03/07/rivian-shares-pop-as-ceo-rj-scaringe-shows-off-3-small-electric-crossovers/"}},"id":"c8c36d5npm9k00"},{"textContent":"

6 hours ago

NTSB Investigating Another Boeing 737 MAX Aircraft","scope":{"topStory":{"index":11,"title":"NTSB Investigating Another Boeing 737 MAX Aircraft","image":"https://specials-images.forbesimg.com/imageserve/65ea09ba96f615868ae5db9d/290x0.jpg?cropX1=0&cropX2=2593&cropY1=133&cropY2=1593","isHappeningNowArticle":true,"date":"6 hours ago","uri":"https://www.forbes.com/sites/zacharyfolk/2024/03/07/ntsb-investigating-another-boeing-737-max-aircraft/"}},"id":"4mr218d7mbd400"},{"textContent":"

6 hours ago

Aldi Adding 800 New U.S. Stores By 2028—A $9 Billion Investment","scope":{"topStory":{"index":12,"title":"Aldi Adding 800 New U.S. Stores By 2028—A $9 Billion Investment","image":"https://specials-images.forbesimg.com/imageserve/65ea05038510e3ea4b33cd29/290x0.jpg?cropX1=0&cropX2=4087&cropY1=119&cropY2=2417","isHappeningNowArticle":true,"date":"6 hours ago","uri":"https://www.forbes.com/sites/caileygleeson/2024/03/07/aldi-adding-800-new-us-stores-by-2028-a-9-billion-investment/"}},"id":"82cjd2kd17nc00"},{"textContent":"

7 hours ago

Biden Will Order Military Port For Gaza Humanitarian Aid","scope":{"topStory":{"index":13,"title":"Biden Will Order Military Port For Gaza Humanitarian Aid","image":"https://specials-images.forbesimg.com/imageserve/65ea00ca41fea4e439613955/0x0.jpg","isHappeningNowArticle":true,"date":"7 hours ago","uri":"https://www.forbes.com/sites/saradorn/2024/03/07/biden-will-order-military-port-for-gaza-humanitarian-aid/"}},"id":"bj7k2kekl03c00"},{"textContent":"

7 hours ago

Utah Doesn’t Want Officials To Use Bird’s New More ‘Inclusive’ Names — What To Know About National Push To Rename Species, Places","scope":{"topStory":{"index":14,"title":"Utah Doesn’t Want Officials To Use Bird’s New More ‘Inclusive’ Names — What To Know About National Push To Rename Species, Places","image":"https://specials-images.forbesimg.com/imageserve/65e9fc8cc9d21e73203678ac/290x0.jpg?cropX1=0&cropX2=2822&cropY1=703&cropY2=2820","isHappeningNowArticle":true,"date":"7 hours ago","uri":"https://www.forbes.com/sites/maryroeloffs/2024/03/07/utah-doesnt-want-officials-to-use-birds-new-more-inclusive-names---what-to-know-about-national-push-to-rename-species-places/"}},"id":"92hpekgarcq800"},{"textContent":"

7 hours ago

Ozempic Maker’s New Weight Loss Pill Beats Wegovy In Early Trial — What To Know About Novo Nordisk’s Amycretin","scope":{"topStory":{"index":15,"title":"Ozempic Maker’s New Weight Loss Pill Beats Wegovy In Early Trial — What To Know About Novo Nordisk’s Amycretin","image":"https://specials-images.forbesimg.com/imageserve/65e9f92d3e62634b0affa495/290x0.jpg?cropX1=0&cropX2=3840&cropY1=0&cropY2=2160","isHappeningNowArticle":true,"date":"7 hours ago","uri":"https://www.forbes.com/sites/roberthart/2024/03/07/ozempic-makers-new-weight-loss-pill-beats-wegovy-in-early-trial---what-to-know-about-novo-nordisks-amycretin/"}},"id":"331ohmngq6o400"},{"textContent":"

7 hours ago

Sweden Officially Joins NATO In Blow To Russia","scope":{"topStory":{"index":16,"title":"Sweden Officially Joins NATO In Blow To Russia","image":"https://specials-images.forbesimg.com/imageserve/65e9f2205c47a5eb6e297743/290x0.jpg?cropX1=0&cropX2=2695&cropY1=0&cropY2=1516","isHappeningNowArticle":true,"date":"7 hours ago","uri":"https://www.forbes.com/sites/brianbushard/2024/03/07/sweden-officially-joins-nato-in-blow-to-russia/"}},"id":"f15q60daemlo00"},{"textContent":"

8 hours ago

Who Is Katie Britt? Alabama Senator Will Give GOP Response To Biden’s State Of The Union.","scope":{"topStory":{"index":17,"title":"Who Is Katie Britt? Alabama Senator Will Give GOP Response To Biden’s State Of The Union.","image":"https://specials-images.forbesimg.com/imageserve/65e9e5b05025cc954f201f66/0x0.jpg","isHappeningNowArticle":true,"date":"8 hours ago","uri":"https://www.forbes.com/sites/anafa*guy/2024/03/07/who-is-katie-britt-alabama-senator-will-give-gop-response-to-bidens-state-of-the-union/"}},"id":"bnbc34ipr1eo00"},{"textContent":"

9 hours ago

Elon Musk’s SpaceX Under Investigation By Democrats Over Russia’s Alleged Starlink Use","scope":{"topStory":{"index":18,"title":"Elon Musk’s SpaceX Under Investigation By Democrats Over Russia’s Alleged Starlink Use","image":"https://specials-images.forbesimg.com/imageserve/65e9e41be8122a75e5013fc5/290x0.jpg?cropX1=0&cropX2=3186&cropY1=218&cropY2=2011","isHappeningNowArticle":true,"date":"9 hours ago","uri":"https://www.forbes.com/sites/tylerroush/2024/03/07/elon-musks-spacex-under-investigation-by-democrats-over-russias-alleged-starlink-use/"}},"id":"87d4m9gcdr2g00"},{"textContent":"

9 hours ago

Ozempic Maker Novo Nordisk More Valuable Than Tesla","scope":{"topStory":{"index":19,"title":"Ozempic Maker Novo Nordisk More Valuable Than Tesla","image":"https://specials-images.forbesimg.com/imageserve/65e9d89d2a11a0fd5874ec59/290x0.jpg?cropX1=0&cropX2=2329&cropY1=77&cropY2=1388","isHappeningNowArticle":true,"date":"9 hours ago","uri":"https://www.forbes.com/sites/dereksaul/2024/03/07/ozempic-maker-novo-nordisk-more-valuable-than-tesla/"}},"id":"1j8eie43r9ha00"},{"textContent":"

10 hours ago

Loneliness And Depression In Teens Linked To Lack Of Sleep And Early School Start Times, New Report Shows","scope":{"topStory":{"index":20,"title":"Loneliness And Depression In Teens Linked To Lack Of Sleep And Early School Start Times, New Report Shows","image":"https://specials-images.forbesimg.com/imageserve/65e5f2a07c05af2370c7dd69/290x0.jpg?cropX1=0&cropX2=4362&cropY1=225&cropY2=2680","isHappeningNowArticle":true,"date":"10 hours ago","uri":"https://www.forbes.com/sites/maryroeloffs/2024/03/07/loneliness-and-depression-in-teens-linked-to-lack-of-sleep-and-early-school-start-times-new-report-shows/"}},"id":"3rp1o8ef5d9000"},{"textContent":"

10 hours ago

Xcel Energy Admits Role In Worst Wildfire In Texas History","scope":{"topStory":{"index":21,"title":"Xcel Energy Admits Role In Worst Wildfire In Texas History","image":"https://specials-images.forbesimg.com/imageserve/65e9d3c58d082a030cec6c5f/0x0.jpg","isHappeningNowArticle":true,"date":"10 hours ago","uri":"https://www.forbes.com/sites/zacharyfolk/2024/03/07/xcel-energy-admits-role-in-sparking-texas-worst-wildfire-in-its-history/"}},"id":"89emi81pjmo800"}],"breakpoints":[{"breakpoint":"@media all and (max-width: 767px)","config":{"enabled":false}},{"breakpoint":"@media all and (max-width: 768px)","config":{"inView":2,"slidesToScroll":1}},{"breakpoint":"@media all and (min-width: 1681px)","config":{"inView":6}}]};

El Salvador Goes On A $21 Million Crypto Buying Spree As Bitcoin Becomes Legal Tender (2024)

FAQs

Why did El Salvador accept bitcoin as legal tender? ›

In an effort to boost financial inclusion, El Salvador made Bitcoin an official currency and offered incentives for adopting it.

How much did El Salvador pay per bitcoin? ›

El Salvador became the first country to purchase bitcoin as a treasury asset in September 2021, when a single coin cost around $52,000.

Did El Salvador pass the law on cryptocurrency transfers? ›

The 47-article law received 62 votes in favour out of 84 seats in Congress on Wednesday. “The purpose of this law is to establish the legal framework that grants legal certainty to transfer operations to any title of digital assets used in public issuance offers,” according to the legislation.

Has El Salvador lost money on bitcoin? ›

El Salvador has lost an estimated $40 million of its total investment in bitcoin since 2021 due to a decline in the value of the cryptocurrency.

How much is $1 in El Salvador? ›

8.75000

How much bitcoin does the US government own? ›

F rom the increasingly ferocious federal crackdown on the cryptocurrency business, it might appear the U.S. government cannot stand digital currencies. Yet there is a love-hate dynamic: the Treasury is sitting on a stash of 207,189 bitcoin, worth $5 billion, by far the largest such state-owned hoard.

Does El Salvador still own bitcoin? ›

President Nayib Bukele recently announced El Salvador's plan to buy one bitcoin every day, aiming to continue this practice until it becomes unaffordable with fiat currencies. This initiative has pushed the nation's bitcoin holdings to a substantial total of 5,690 BTC, valued at approximately $400 million.

Who owns the most bitcoin? ›

Satoshi Nakamoto, the pseudonymous creator of Bitcoin, is believed to own the most bitcoins, with estimates suggesting over 1 million BTC mined in the early days of the network.

How much is El Salvador in debt? ›

The economy of El Salvador is offically reported as having a debt-to-GDP ratio of 84.0%, indicating El Salvador's debt level is $24 Billion.

Why does El Salvador use US dollars? ›

El Salvador: El Salvador switched to the US dollar in 2001 for economic stability. Palau, the Marshall Islands, and the Federated States of Micronesia: Palau, the Marshall Islands, and the Federated States of Micronesia all use the US dollar as part of the Compacts of Free Association agreements.

Where is bitcoin legal tender? ›

What can countries learn from recent experiments in adopting cryptocurrency as a legal tender? Currently, only a handful of countries have decided to adopt cryptocurrency as a legal tender, most prominently among them El Salvador and the Central African Republic (CAR).

Is cryptocurrency legal? ›

As decentralized currencies, crypto is not and will likely never become banned in the U.S. Currently, the sale and purchase of cryptocurrency is legal in all 50 states.

Which president bought bitcoin? ›

El Salvador President Nayib Bukele said Monday that his country's bitcoin purchases were finally in the black, in a tweet that came shortly after bitcoin climbed above $40,000 for the first time in more than a year.

What country uses bitcoin as its national currency? ›

On September 7, 2021, the Bitcoin Law came into effect and bitcoin became legal tender in El Salvador, making it the first country in the world to do so.

Which country trades bitcoin most? ›

Top 10 countries by crypto holders
  • India: Over 100 million people in India own cryptocurrencies, making it the country with the most cryptocurrency owners, according to Triple-A.
  • United States: China, Russia, Nigeria, and the EU are the next five countries with the most #BTC trading volume on exchanges.
Oct 21, 2023

Why did El Salvador adopt the U.S. dollar? ›

El Salvador's decision to make the U.S. dollar its official currency was made in the context of sound macroeconomic fundamentals. Inflation was low and stable, the economy was growing, public and external debt were manageable, and there was no turmoil in the banking system.

Did El Salvador pass the law to grant citizenship to foreign bitcoin investors? ›

SAN SALVADOR (Reuters) - El Salvador's Congress has approved a migration law granting expedited citizenship to foreigners who make bitcoin "donations" to government social and economic development programs.

Does El Salvador tax bitcoin? ›

In addition to its cryptocurrency endeavors, El Salvador has eliminated income tax for international investments and money transfers, cutting the tax rate from 30% to 0%.

Is El Salvador crypto friendly? ›

El Salvador adopted Bitcoin as legal tender in June 2021 and became the first country to officially recognize the digital currency at the national level.

Top Articles
Latest Posts
Article information

Author: Reed Wilderman

Last Updated:

Views: 5570

Rating: 4.1 / 5 (52 voted)

Reviews: 91% of readers found this page helpful

Author information

Name: Reed Wilderman

Birthday: 1992-06-14

Address: 998 Estell Village, Lake Oscarberg, SD 48713-6877

Phone: +21813267449721

Job: Technology Engineer

Hobby: Swimming, Do it yourself, Beekeeping, Lapidary, Cosplaying, Hiking, Graffiti

Introduction: My name is Reed Wilderman, I am a faithful, bright, lucky, adventurous, lively, rich, vast person who loves writing and wants to share my knowledge and understanding with you.