Tether CEO: El Salvador has a bright future in adopting new technologies
Tether CEO Paolo Ardoino wrote on X platform that it is very meaningful to have the opportunity to collaborate with developing countries. These countries adopt new technologies at a faster and more flexible pace, and have a large number of young and promising talents. Although El Salvador is just getting started, it is a model of a country with a bright future. If we cannot adapt to the exponential curve of technological progress, it will bring great setbacks to the people.
El Salvador wallet has received 200 donations and is increasing its holdings by 1 Bitcoin per day
According to HODL15Capital monitoring, El Salvador's Bitcoin wallet continues to receive BTC donations (shown in green in the figure below), with nearly 200 donations received to date. The highlighted yellow section shows that El Salvador's President Nayib Bukele buys one Bitcoin per day. Earlier news reported that El Salvador's President has decided to transfer $400 million worth of Bitcoin to a cold wallet to demonstrate transparency.
El Salvador’s Bitcoin holdings are worth nearly $160 million, with profits reaching $53.69 million
Based on current OKX market data, with Bitcoin's current price of $66,845, the total value of El Salvador's position has risen to $159 million, with a profit of $53.69 million. According to previous recorded data, El Salvador's average holding cost is $44,292, and its national treasury holds a total of 2,381 Bitcoins.
El Salvador holds more than $155 million in Bitcoins, and the president says he will not sell them
According to the Independent, Salvadoran President Bukele stated that despite profits exceeding 50%, the country has no plans to sell its large holdings of Bitcoin. This Central American country became the world's first to adopt Bitcoin as its official currency in 2021 and has also invested national funds in the asset. Currently, El Salvador holds approximately 2,380 Bitcoins, purchased at an average price of $44,300, now worth over $155 million. Under El Salvador's Bitcoin law, every Salvadoran is eligible for $30 worth of free Bitcoin to encourage adoption.
El Salvador Sitting on $12.6 Million in Unrealized Profits on Bitcoin Investment
El Salvador has realized $12.6 million in profits from its bitcoin investment after being in the red for two years, according to Nayibtracker data. The country purchased 700 BTC between September 2021 and November 2022, with an average cost of $42,440. El Salvador currently holds a total of 2,798 bitcoin worth $131.3 million. Bitcoin has surged by 75% since October, and there is speculation that Argentina may be the next country to adopt it.
El Salvador Offers Expedited Citizenship to Foreigners Contributing Bitcoin Donations
El Salvador has passed a new migration law that offers expedited citizenship to foreigners who donate Bitcoin to government social and economic development programs. The law, which has been endorsed by the country's president Nayib Bukele, does not specify a minimum donation amount. El Salvador has also recently introduced a Bitcoin Freedom Visa, which allows foreigners to obtain a visa by investing $1 million in BTC or Tether. The country is reportedly working on launching its own Bitcoin ETFs.
El Salvador expects to sell out of Bitcoin 'freedom visa' before year-end
Salvadoran National Bitcoin Office (ONBTC) stated that since its launch on December 7th, its $1 million free visa program has received hundreds of inquiries and is expected to be sold out by the end of this year. The office has received hundreds of inquiries and "dozens of applications", including online and in-person applications submitted to its embassies and consulates.
El Salvador to launch Bitcoin bonds in Q1 2024
On December 12th, according to Cointelegraph, El Salvador's Bitcoin bond (also known as the "Volcano Bond") has been approved by the El Salvador Digital Assets Council and is expected to be launched in the first quarter of 2024.
Bitcoin Archive: El Salvador’s Bitcoin Bond Approved for Issuance in the First Quarter of Next Year
Bitcoin Archive announced on X that El Salvador's Bitcoin Volcano Bonds will officially launch in the first quarter of next year, after receiving regulatory approval from the National Digital Assets Commission (CNAD).
Tether Advisor: El Salvador’s Bitcoin Visa Plan Is a New Blueprint for Many Countries to Follow
Tether advisor Gabor Gurbacs posted on X platform stating: In my opinion, people have overestimated the initial impact of the US spot Bitcoin ETF, and I think it may create hundreds of millions of dollars in capital flows (most of which are recycled). At the same time, people underestimate the news impact of El Salvador, where a national country creates a Bitcoin visa program, which is a new blueprint for many countries to follow. El Salvador's free visa, Lugano municipal tax payment, bond issuance coupon payment, etc. can all be paid with USDT. This is the correct example of institutional adoption of stablecoins, and Tether is leading the way, not just in terms of market share.
