According to RT television channel, within 12 months since El Salvador announced the above ambitious plan to add the world’s most popular cryptocurrency to the national treasury, the price of Bitcoin has more than doubled.
The price of the world’s largest cryptocurrency has increased by 29.2% in the past 30 days and recorded an impressive growth of 121.6% for the entire year. On November 16, 2022, 1 Bitcoin was trading around 16,000 USD. Currently this cryptocurrency is trading above 36,000 USD.
According to Bitcoin historian Pete Rizzo, if the Central American country had stuck with its plan, by now it would have accumulated a total of 365 Bitcoins, worth about $13 million, at a profit. about 3 million USD compared to the previous purchase capital.
Investing in Bitcoin is not the only cryptocurrency initiative promoted by President Bukele. In September 2021, El Salvador accepted Bitcoin as legal tender. Later that year, the head of state announced plans to build a “Bitcoin city” funded by Bitcoin bonds.
The Bitcoin buying efforts, along with a strong push for the cryptocurrency, have boosted tourism to the Central American country but also drawn additional scrutiny from increasingly skeptical international regulators. lack of transparency in Bitcoin purchasing.