The El Salvador government announced the Bitcoin Bank idea to help Bitcoin investors & push Bitcoin adoption to the next level in the country.
El Salvador is a popular Bitcoin-friendly country. In Sep 2021, this country adopted Bitcoin as a legal tender & with that decision, this country became the first country where Bitcoin became a legal digital currency. To fight against volatility, the El Salvador government launched a government-backed digital Bitcoin wallet “Chivo” so that people can accept Bitcoin payments directly without facing volatility in the value of Bitcoin trade price.
On 14 June 2024, As part of the country’s economic plan, the Salvadoran Ambassador to the United States Milena Mayorga proposed creating a Bank for Private Investment (BPI). This bank will offer a variety of financing options to potential investors, allowing them to invest using both U.S. Dollars and Bitcoin. This initiative aims to diversify and enhance investment opportunities in the country.
As part of our economic plan for El Salvador, we propose a BPI, Bank for Private Investment, where we can diversify the financing options offered to potential investors in Dollars and #Bitcoin. #BitcoinBank#EconomicFreedom https://t.co/3hfwVvTSeX
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— Milena Mayorga (@MilenaMayorga) June 14, 2024
Popular Bitcoin maximalists & Bitcoin advisor to El Salvador president Bukele, Max Keiser, said President Bukele has started his new term by introducing legislation to establish a Bitcoin Bank in El Salvador.
Keiser explained that Bitcoin bank will allow borrowers to use Bitcoin as collateral, attracting billions in Bitcoin investments and boosting the country’s GDP. The initiative is expected to improve El Salvador’s credit rating to investment grade within 24 months and significantly increase GDP growth, aligning with ARK CEO Cathie Wood’s projection of a 10x GDP increase in the next five years.
El Salvador Bitcoin holdings
According to the latest data available on El Salvador’s Bitcoin office website, this country is currently holding a total of 5,781.76 BTC. With this holding, El Salvador has an unrealised profit of $67.75 million.
Read also: Tether CEO says Bitcoin is only decentralized while others are centralized
Bitcoin dips to $65k but still, El Salvador remains bullish with “Bitcoin Bank” plan
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