As a seasoned crypto investor with over a decade of experience in this dynamic and ever-evolving market, I find El Salvador’s Bitcoin initiatives both intriguing and commendable. Having witnessed the rise and fall of countless cryptocurrencies and observing the strategic moves of various governments, El Salvador stands out as a pioneer in embracing Bitcoin on such a grand scale.
In simple terms, the administration of El Salvador is going to educate its public employees about Bitcoin and offer them certificates for successful completion of this training program. This initiative will be carried out by the National Bitcoin Office (ONBTC), with an aim to train and certify around 80,000 civil servants in total.
The government intends to educate its workforce on various aspects of Bitcoin, including public policies, by conducting a 160-hour long series of online seminars. During these sessions, employees will gain knowledge about skills, laws, and administrative details pertaining to Bitcoin and its usage as legal tender. This training is broken down into six distinct modules.
In an X post, ONBTC director Stacy Herbert highlighted a few Bitcoin initiatives the Salvadoran government has embarked on, including introducing educational Bitcoin programs. In a follow-up post, Herbert hinted at forthcoming Bitcoin initiatives.
As an analyst, I’m thrilled to share that this is merely the start of something extraordinary. We are on the verge of unveiling another significant revelation regarding education, and trust me, it’s going to leave you astonished! Our current educational projects represent a steadfast commitment to El Salvador’s long-term prosperity, intertwined with its Bitcoin (&tech) policy.
El Salvador has shown great enthusiasm towards Bitcoin since it was declared a legal tender in the country. It appears that their plan is to purchase one Bitcoin each day, a decision they announced in November of 2022. In March, President Nayib Bukele unveiled the digital wallet where the nation’s Bitcoin is stored. Since then, this wallet has received one Bitcoin every day, as reported by data tracker BitInfoCharts.
Cathie Wood, CEO of ARK Invest, is hopeful about El Salvador and its involvement with Bitcoin. After meeting President Bukele in May, she expressed her confidence that the country’s GDP could increase ten times by 2029. In a recent post on X, Wood stated that El Salvador’s current GDP stands at approximately $30 billion, with an average monthly income of $450. She anticipates that under President Bukele’s plan to transform the country into a haven for Bitcoin and AI enthusiasts, the nation’s GDP could expand dramatically during the next five years.
Beyond purchasing Bitcoin and educating about it, El Salvador is also involved in Bitcoin mining. By May, the country had mined approximately 474 Bitcoins, which was equivalent to $29 million at that time. The Central Reserve Bank of El Salvador stated that their Bitcoin reserves were around 5,750 BTC, worth $354 million at the same period. El Salvador is employing a green method by using its geothermal power plant fueled by volcanoes to mine cryptocurrency in an eco-friendly manner.
Although the President holds a positive view towards Bitcoin, it seems that not all citizens share the same level of enthusiasm. A study carried out by José Simeón Cañas Central American University revealed that only 12% of the country’s inhabitants utilized Bitcoin as a payment method in 2023. Regrettably, this number represents over a 50% decrease from the 24.4% reported by the university in 2022.
2023 data indicates that approximately half of the survey participants utilized Bitcoin up to thrice, whereas around one-fifth used it more than ten times. The most frequent usage was observed in grocery shopping (22.9%) and supermarkets (20.9%). It’s worth mentioning that 15% of respondents employed Bitcoin for veterinary payments as well.
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2024-08-21 14:47