The recent soaring price of $BTC has brought blessings to El Salvador, a small, populous country in Central America.

The reason is, El Salvador accommodates a very large Bitcoin circulation. Since September 2021, El Salvador has become the first country in the world to officially accept Bitcoin as legal tender.

Quoting Cryptonews, the President of El Salvador, Nayib Bukele announced that the government will start buying 1 BTC per day starting November 16, 2022.

This controversial decision does not seem to be in vain. This is because the Bitcoin held by the El Salvador government is currently worth more than US$ 150 million, consisting of more than 2,000 BTC.

Even though El Salvador holds large amounts of Bitcoin, President Bukele has emphasized that the government has no plans to sell its holdings of the cryptocurrency.

In fact, El Salvador could potentially gain more profits if BTC prices continue to increase.

Experts commented that this step could make El Salvador become one of the richest countries in the world. One of the venture capitalists based in Silicon Valley, Tim Draper, said that El Salvador is developing into an innovative country and will become one of the most attractive places to live.

In fact, according to him, if the price of Bitcoin reaches US$ 100,000, El Salvador can pay off its loan to the International Monetary Fund (IMF).