El Salvador has gained $443 million from the rise in Bitcoin’s value, a cryptocurrency the country began acquiring nearly four years ago under the direction of President Nayib Bukele. In September 2021, the Central American nation became the first country in the world to purchase and legally circulate Bitcoin alongside the U.S. dollar. The country does not have its own national currency.
El Salvador has accumulated 6,240 Bitcoins, equivalent to $740.7 million, according to the state-run National Bitcoin Office. Bukele reposted the agency’s report on social network X, highlighting Bitcoin’s record levels this week, nearing $120,000. According to the office, El Salvador has earned $443 million from the increase in Bitcoin’s value since 2021.
Since January, the use of Bitcoin in the country has been optional due to pressure from the International Monetary Fund (IMF) during loan program negotiations. Despite Bukele’s push, only “8 out of every 100 Salvadorans reported using Bitcoin” in 2024, according to the Public Opinion Institute of the Jesuit Central American University.
Worker Gerardo Morán, 20, said he saves part of his monthly salary in Bitcoin. He said Bitcoin “helped me buy my car at age 20,” expressing satisfaction. In various parts of El Salvador, schools are teaching about the advantages of cryptocurrency.
“The hardest part for a student is fear — fear of expanding into new knowledge,” said Daniel Viana, an instructor at the Mi Primer Bitcoin Foundation, in an interview. In Antiguo Cuscatlán, a city near the capital, there’s a public pet hospital called ‘Chivo Pets‘ launched in 2022, where vet consultations—costing less than one dollar—must be paid in Bitcoin.
“I use Bitcoin for purchases, but not much for saving because of my financial situation. But I do use it for transactions because it’s more reliable,” said Rogelio Mendoza, a 52-year-old merchant who brought his Chihuahua to the hospital.
