El Salvador, the smallest and most populated country in Central America was the first country to recognize Bitcoin as legal cash yearly ago today.
Jack Mallers, founder and CEO of Bitcoin payments company Zap Solutions said at the Bitcoin 2021 conference in Miami that the government of El Salvador was planning to approve legislation to make Bitcoin legal cash (alongside the U.S. dollar).
An emotional Mallers played a video greeting from President Bukele and read a brief portion of the proposed legislation during his speech. Mallers continued by saying his company, with the support of Blockstream will establish an innovation centre in El Salvador.
The Legislative Assembly voted in support of the proposed measure on June 9, 2021. The next day, Reuters reported that in a national speech on the previous day, El Salvador’s President Nayib Bukele had declared that the country’s “Bitcoin Law” will go into force on September 7 of that year.
President Bukele of Bukele said on September 6, 2021, that his government had purchased 200 bitcoins and intended to purchase “a lot more.”
El Salvador is expected to have acquired 2,381 bitcoins over the course of 11 separate transactions beginning in September 2021. On June 30th, 2022, El Salvador acquired 80 coins with a total of $BTC at an average price of $19,000.
Interestingly, on the one-year anniversary of “Bitcoin Day” (7 September 2022), Bitcoin is trading at $19,000, which is the price El Salvador paid for one bitcoin the last time it bought $BTC.