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El Salvador celebrates 3 years of Bitcoin adoption with a profit of $31 million.
El Salvador became the first country in the world to accept bitcoin as legal tender on September 7, 2021 to improve the efficiency of transfers and attract financial innovation.
The government has been applying a strategy of averaging the cost of buying bitcoin since 2021, buying one bitcoin daily as part of its implementation plan.
El Salvador purchased its bitcoin reserves at an average price of $43,877 per BTC. Currently, the country owns 5,865 bitcoins worth more than $318 million.
The decision of the President of El Salvador, Naib Bukele, was widely criticized after bitcoin fell from the previous historical high of $69,000 in November 2021, especially after the collapse of the FTX exchange. El Salvador's bitcoin reserves were in deep red when bitcoin dropped to $16,000 during the bear market. But the guys did not give up, and continued to buy bitcoin on loyalties.
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