DIGIVESTASI - Who would have thought that a small country with a large population could become the richest country in the world? This is El Salvador in Central America. The reason is, the ownership of shares in the virtual currency Bitcoin is very large. According to Crypto News, in September 2021, El Salvador became the first country in the world to officially accept Bitcoin as legal tender.

Following that, El Salvador President Nayib Bukele announced that the government will start buying 1 BTC per day starting November 16, 2022. It seems that the controversial decision was not in vain. That's because the Salvadoran government's Bitcoin holdings currently amount to over 2,000 BTC and are worth over $150 million. 

El Salvador has large amounts of Bitcoin, but President Bukele stressed that the government has no plans to sell any Bitcoin it has. In fact, El Salvador could gain more if the price of BTC continues to rise. 

Experts say this move could make El Salvador one of the richest countries in the world. Tim Draper, a venture capitalist based in Silicon Valley, said El Salvador is becoming an innovative country and will be one of the most attractive places to live. 

In fact, El Salvador could repay its loan to the International Monetary Fund (IMF) if the price of Bitcoin reaches $100,000, he said. 

CrossFi founder and CEO Alexander Mamashidikov expressed similar sentiments, saying he was optimistic El Salvador could become an economically independent country and fully focus on domestic issues. 

President Boucle's decision to focus on not selling government-owned Bitcoin holdings has given credence to a small percentage of El Salvadorans who already use Bitcoin as a means of payment. As is known, El Salvador left the dollar as its reserve currency in 2021. Mamashidikov believes the use of BTC will improve the welfare of the country in the future. 

One of the reasons why the government of El Salvador decided to postpone the sale of cryptocurrencies despite economic difficulties is because the government did not want to undermine confidence in the country's Bitcoin initiatives. 

Because although many Salvadorans use Bitcoin, basic understanding of the concept is still limited. The government will restrict the sale of Bitcoin to increase understanding of Bitcoin in the country.

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