El Salvador\'s Bitcoin Experiment: A Deep Dive into President Bukele\'s Ambitious Crypto Projects

Love him or hate him, you can't deny that El Salvador president Nayib Bukele is imaginative. Bukele shook the world when he announced in 2021 that El Salvador would make Bitcoin legal tender

El Salvador president Nayib Bukele is known for his bold initiatives, especially those related to Bitcoin. Here's a summary of some key projects:

Bitcoin treasury: El Salvador began purchasing Bitcoin in 2021, adding it to the country's treasury assets. As of March 2024, El Salvador holds 5,787 Bitcoin, valued at over $376 million.

Chivo: A state-sanctioned Bitcoin wallet, Salvadorans were offered $30 in Bitcoin to sign up. Merchants can accept Bitcoin payments through these wallets.

Volcano Bonds: Bukele promised to issue $1 billion in Bitcoin-backed bonds, allocating half to infrastructure like volcano-powered Bitcoin mining. The launch, initially planned for March 2022, has been delayed.

Bitcoin City: A futuristic circular metropolis planned at the base of the Conchagua volcano, Bitcoin City will be constructed using proceeds from the Volcano Bond and will feature residential, commercial, and entertainment zones.

Bitcoin citizenship: El Salvador offers a citizenship program for Bitcoin investors, granting lifelong residency and a path to citizenship for those who pay $1 million in Bitcoin or Tether. Only 1,000 visas are issued annually.

Bitcoin bank: Bukele proposed a private investment bank catering to Bitcoin holders, offering a wide range of services. The project aims to attract foreign investors and support Bitcoin-related initiatives.

News source：https://www.kdj.com/cryptocurrencies-news/articles/el-salvador-bitcoin-experiment-deep-dive-president-bukele-ambitious-crypto-projects.html

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