Today Marks the 3 year anniversary of El Salvador declaring Bitcoin its legal tender. No other nation has shown this level of a gutsy move. El Salvador declared Bitcoin its legal tender on September 7, 2021 and following it, the Central African Republic did the same on April 22, 2022. Let’s find out how well the country is performing after Bitcoin and how a taxi driver became a millionaire.
The president of El Salvador, Nayib Bukele took a high risk and declared Bitcoin the legal tender. Despite multiple warnings of volatility risks from multiple global institutions, Bukele did not budge from his decision. His strong stand has made El Salvador a historical digital asset pioneer. They wrote their name in gold as the first country to take a vanishing-level risk and put all their money into Bitcoin.
El Salvadore started buying one Bitcoin everyday since 2021 doing dollar cost averaging. Along with the daily bing, the country also took advantage of dips to accumulate hundreds of coins in a single day. Data from Nayib Tracker shows that the country now holds 5,865 Bitcoin worth $310 million and is sitting at a 24.26% profit i.e. $32.36M. After three years of buying, the average cost of their purchase is $43,877.47 per BTC. That’s the power of dollar-cost averaging.
Napoleon Osorio, is a 39 years old millionaire businessman who used to drive a cab that he did not own. The US founder of NGO My First Bitcoin encouraged him to take fare in Bitcoin. Osorio took his advice and today he has a rental car business named Bit-Driver and has 21 drivers. From unable to pay utility bills to helping others earn their wages, this is one of the life changing stories of Bitcoin in El Salvador. From juice bars to ice cream parlors, bitcoin has changed the whole story of the country and its citizens.
A huge number of people still haven’t onboarded with Bitcoin, but the country is already growing faster than others.
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