El Salvador Marks Five Years Since Making Bitcoin Legal Tender
President Nayib Bukele has continued daily BTC purchases from the national treasury, even after amending the original legal tender framework under an IMF agreement.
El Salvador is approaching five years since its landmark decision to adopt Bitcoin as legal tender alongside the US dollar. The country's Bitcoin Office reports that state holdings now exceed 6,000 BTC, accumulated through a mix of dollar-cost averaging and geothermal-powered mining at the Lava Pool facility.
Under a $1.4 billion financing arrangement with the International Monetary Fund, San Salvador agreed to soften certain aspects of the original Bitcoin Law, including removing the requirement that private businesses accept BTC. Public sector adoption and the state Chivo wallet have also been scaled back.
Independent surveys consistently show that everyday usage of Bitcoin for retail payments remains limited, although the country has attracted meaningful investment in tourism and technology tied to its crypto-friendly branding.
