El Salvador passed the world’s first Bitcoin Law yesterday by a vote of 62 to 22. This small Central American country became the first nation to make bitcoin legal tender.
Date: June 8, 2021 After a half-decade, the government holds 7,677 BTC worth approximately $480 million — and it is still accumulating.
Since President Nayib Bukele, the country has been implementing a strategy of dollar cost averaging announced In November 2022, El Salvador will adopt a one-bitcoin per day policy. El Salvador has added over 1,600 BTC in the past 12 months, since June 2025. including During a market slump in November, a buyer made a strategic purchase of 1,000 BTC.
Bitcoin Office has declared that by the beginning of 2026 the nation will be moving towards a cashless society. “all in” Bitcoin and Artificial Intelligence:
This conviction has survived major policy changes. Bukele’s administration was still in place by January 2025 stripped As a condition for a $1.4billion IMF loan, bitcoin was stripped of its legal tender status. Businesses are no longer legally required to accept it, and the government-issued Chivo wallet — the centerpiece of Bukele’s original pitch — is being phased out.
The government does not have any coins in its vault, so BTC can still be used by those who want to.
El Salvador: No taxes on bitcoin
El Salvador has no capital gains tax for bitcoin and cryptocurrency transactions. The government increased this policy in the early part of 2026 as a way to attract investors from abroad. El Salvador is developing plans to a “Volcano Bond” backed Bitcoin and the proposed Bitcoin City, powered by geothermal power.
Bukele hasn’t seen the remittances that he used as a way to promote the law. El Salvador is one of the most remittance-dependent economies in the world — personal transfers from abroad equal roughly In Q1 2026, the GDP will be $2.43 billion. Crypto made up just $17.38 Million of that total or 0.71 percent.
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Source: bitcoinmagazine.com
