El Salvador's Bitcoin Boom: How the World's First Crypto Nation's Big Bet Is Stabilizing Its Economy, Proving Critics Wrong, and Paying Back Its Debt

When El Salvador President Nayib Bukele made the controversial decision to make Bitcoin legal tender in his country, many people were skeptical and concerned about the potential risks. Bukele announced on Twitter that the country would purchase one Bitcoin (CRYPTO: BTC) each day starting Nov. 18, 2022. How is that going in 2023? The latest news out of El Salvador suggests that the government’s bet on cryptocurrency is paying off. Don’t Miss: This Startup Built the World’s First AI Marketing Plat

Highlights

• El Salvador President Nayib Bukele announced on Twitter that the country would purchase one Bitcoin each day starting Nov.
• 18, 2022.
• The move is likely to allay concerns about a potential default, which had grown amid the country’s adoption of Bitcoin.
• The International Monetary Fund recently issued a statement on El Salvador’s decision to accept Bitcoin as legal tender, cautioning against potential risks associated with such adoption.
• Gamestop Corp.’s NFT marketplace marketplace has seen a considerable boom, with some of the top NFT projects on the platform seeing volume spikes as high as 21,446%.
• Gameflip recently crossed $900,000 raised from retail investors in their active equity crowdfunding raise.

---

Read the original article