El Salvador celebrates Bitcoin anniversary: A year of ups and downs
El Salvador’s first Bitcoin anniversary comes amid BTC losing over 60% of value in one year, but that doesn't really mean that the country’s Bitcoin experiment has failed. Sept. 7, 2022 marks exactly one year since El Salvador became the first country in the world to adopt Bitcoin (BTC) as legal tender by enforcing the Bitcoin Law. Advocating for Bitcoin as legal tender last year, El Salvador President Nayib Bukele promised that Bitcoin adoption would benefit the 70% of the local population that had a lack of access to banking services as of 2021. The Salvadoran government also touted Bitcoin as a tool to attract foreign investment, create new jobs and cut reliance on the U.S. dollar in the country’s economy. One may question the current real benefits of Bitcoin Adoption in El Salvador as Bitcoin has lost roughly 60% of its value since the country adopted the cryptocurrency as legal tender. Exactly on this day one year ago, BTC was trading at around $46,000, according to data from...