El Salvador has added 5,750 Bitcoin (BTC) to its treasury, bringing the total value to about $353 million.
Bitcoin Adoption and Criticism
In 2021, El Salvador became the first country to make Bitcoin legal tender. However, this move has been met with criticism from organizations like the International Monetary Fund (IMF), who worry about financial risks.
Cold Storage and IMF Independence
To protect its Bitcoin, El Salvador has moved most of it to a cold wallet, making it less vulnerable to hacking. Venture capitalist Tim Draper believes that if Bitcoin reaches $100,000, El Salvador could pay off its IMF debt and become independent.
Resistance to Crypto
Draper says that countries and individuals who are hesitant to adopt crypto are resistant to change and control. He sees El Salvador as a pioneer in innovation.
Bitcoin’s Future
Bitcoin is currently struggling to stay above $64,000. The approval of ETFs in Hong Kong and the US could impact its price, especially with institutional investors showing interest.
