El Salvador Gave Bitcoin a New Hope- BTC Gains Momentum

El Salvador is finally giving up on BTC being one of their official currencies. The trade tussle and strong US involvement compelled them to do so. However, El Salvador gave BTC a major exposure in the American mainland.  

The first Bitcoin forum  

2024’s first Plan B conference was also held in El Salvador. The pro-crypto policy of this country helped the conference succeed with flying colors.  

The event went on for 2 days- January 30 and 31. It was the first Bitcoin event of this stature in any Central American country. The number of attendees in the event was more than 2500.  

Central American enthusiasts 

The CEO of Tiianki Technology, Darvin Otero says that El Salvador did not only implement Bitcoin as a legal tender. The biggest win for the country was Tether, relocating its headquarters to the country.  

After Tether moved here, the company reported around $143.7 billion worth of assets, which also includes 94.5 billion worth of treasury bills for Q1, 2024.  

What does the future hold?  

After sustained pressure from the IMF, El Salvador rescinded the status of Bitcoin as legal tender.  

Now the El Salvador-based companies or foreign companies operating there won’t have to accept Bitcoin payments on a compulsory basis. But President Bukele has received backlash from various other market players connected to the Bitcoin community for caving to the US pressure and the IMF and its norms.  

For people and communities willing to grow with Bitcoin, The horizon is more dynamic. They want to supplant official currencies like the dollar. For them, the step taken in El Salvador is just a stepping stone.  

But the Bitcoin move here, might not be as sustainable as people think. The country does not feel the same passion for Bitcoin. They adopted it as it solved their purpose. That said, the importance of El Salvador as a country revolutionizing Bitcoin and its use cannot be detested.