El Salvador’s Bitcoin Office marked the fourth anniversary of its landmark decision to recognize Bitcoin as legal tender, an event celebrated each September as “Bitcoin Day.”
In a post on X this Sunday, the office showcased several milestones: the nation’s Bitcoin reserve now sits at 6,313 BTC—worth more than $702 million at current prices—along with the introduction of a new law that permits Bitcoin-based investment banks to cater to sophisticated investors. The agency also reported that 80,000 government employees have earned Bitcoin certifications, while a variety of public education programs on Bitcoin and artificial intelligence are underway across the country.
El Salvador was the first nation to fully embrace Bitcoin as legal tender in 2021, but the bold experiment has seen its trajectory shift. To meet the terms of a $1.4 billion agreement with the International Monetary Fund (IMF), the government rolled back some of its original Bitcoin-friendly measures.
A Four-Year Review: Progress and Setbacks
Earlier this year, the country’s legislature repealed the Bitcoin legal tender law and pledged to halt further BTC purchases using public funds. At the same time, support for the state-backed Chivo wallet, which had struggled to gain traction among locals, was also scaled back.
According to an IMF report released in July, El Salvador has not added to its Bitcoin holdings since signing the loan deal in late 2024. The report included a letter signed by central bank chief Douglas Pablo Rodríguez Fuentes and finance minister Jerson Rogelio Posada Molina, confirming that the government’s Bitcoin balance has remained unchanged.
These developments have sparked debate within the Bitcoin community and beyond. Advocates argue that while the government has benefited, ordinary citizens have yet to see meaningful improvements. NGOs and critics say greater emphasis on grassroots education and adoption is needed for the decentralized system to truly empower the population, rather than primarily serving state institutions or foreign investors.
Four years on, El Salvador’s Bitcoin journey stands as both a groundbreaking experiment and a cautionary tale—offering inspiration and lessons for other nations considering similar paths.
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