El Salvador’s President Revealed BTC Gains and Future Plans

by in Cryptocurrency News

Nayib Bykele El Salvador Bitcoin

On October 10, El Salvador's president Nayib Bukele tweeted about building a pet hospital with funds raised after Bitcoin adoption.

Related: Bukele: A third of Salvadorians are actively using Chivo

Bukele mentioned that after Bitcoin legalization, the price of the coin saw gains and brought profits of $4 M to the country. The President tweeted that in just 20 days, citizens who opened a wallet account and received Bitcoins have benefited by 40%.

The government also released the app Chivo Wallet, downloading which Salvadorians can get $30 worth of BTC to promote the coin's use.

On Sept. 7, El Salvador officially made BTC a legal tender. Previously, the country's legislators confirmed a $150 M trust fund to support the initiative. Along with this, El Salvador has acquired Bitcoin several times, making the total amount of its holding 700 BTC.

Earlier, Bukele explained how the trust fund works and why it's beneficial.

The amount of the balance sheet is in dollars and BTC.

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El Salvador's BTC trust is operated by the firm Chivo.

There is also a digital wallet application Chivo, which enables people and companies to send and receive BTC. Bukele mentioned that the country will use the USD part of the balance as Bitcoin is a deflationary currency and that the value of the BTC part is now higher than at the start of the trust's establishment.