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Nayib Bukele, the President of El Salvador hit the headlines when he made an announcement through an online video in the Bitcoin 2021 Conference,
“ El Salvador will be submitting a bill to make Bitcoin legal tender!”
Then, on June 9, the Bitcoin law was approved by a majority in the Salvadoran Congress with 62/84 votes.
September 7, 2021 became the most memorable date in the history of cryptocurrency as El Salvador became the first country in the whole world to adopt Bitcoin as legal tender.
But, with all the budding enthusiasm, curiosity has peaked too.
Why did El Salvador make such a bold move to adopt Bitcoin?
Nayib Bukele wants El Salvador to be the global bitcoin mining hub:
As surprising as it sounds El Salvador is actually known as the ‘Land of Volcanoes’ because it is home to 23 active volcanoes.
El Salvador wants to use geothermal energy from these volcanoes for bitcoin mining. In fact, he has already instructed LaGeo, a state-owned geothermal electric company to make necessary plans.
Nayib Bukele doesn’t want El Salvador to remain a 100% ‘dollarized’ economy:
El Salvador needs adequate dollar reserves to maintain liquidity for domestic banks. The International Monetary Fund (IMF) has already warned El Salvador that its dollar reserves are too low for its economy.
As El Salvador can’t print money, and it doesn’t benefit from the Federal Reserve’s money creation, its decision to adopt Bitcoin as a second currency can actually help the nation to increase its revenue and bolster its economy.
Nayib Bukele wants to attract foreign investment and become a hub for cryptocurrency entrepreneurs:
Immediately after his announcement, El Salvador tweeted on June 7 that there will be no capital gains tax for Bitcoin and the country will give permanent residence for crypto entrepreneurs.
El Salvador clearly wants to attract foreign investment by inviting crypto entrepreneurs from all over the world to invest in its country.
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