On June 9, 2021, the Central American nation of El Salvador became the first country in the world to adopt Bitcoin (CRYPTO: BTC) as legal tender.
The move meant that Salvadoran residents could pay taxes in the apex coin and use it for transactions while making purchases.
At the time, President Nayib Bukele hailed the move and said that even if 1% of Bitcoin is invested in El Salvador, the nation’s GDP will rise by 25%.
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The Investment: If an investor, encouraged by El Salvador and Bukele’s optimism, invested $100 in the apex coin on the same day, here’s how much they would have now when BTC traded at $31,221.54 at press time.
| Bitcoin | June 9, 2021 | $100 | $37,345.12 | 0.0027 | $83.60 | -16.40% |
The investor would have ended up with a loss of nearly 16% at press time and the $100 invested would have turned into $83.60.
Bitcoin Adoption Growing: El Salvador is no longer the only nation globally that calls the apex cryptocurrency legal tender. Recently, the Central African Republic also made a similar move. Malaysia’s Deputy Minister of Communications and Multimedia Zahidi Zainul also said recently that the country should recognize Bitcoin as legal tender.
Still Buying The Dip: Despite Bitcoin losing 54.75% of its value from its Nov.10 2021 high of $68,789.63, El Salvador is still buying the "dips" in the coin. On May 9, Bukele said the country had purchased 500 BTC at $30,744 per unit.
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