By Nathan Ferguson
Following the events of Bitcoin becoming legal tender in El Salvador, the country has experienced a rise in GDP like never, now reaching more than 10% in its history.
El Salvador’s gross domestic product (GDP) has now risen to more than 10%, recorded back in last year. This accomplishment is not only showing the country’s growth but is also highlighting the importance of how it managed to utilize Bitcoin as legal tender and turn that into a fortune.
Nayib Bukele’s Work
As this new development continues, the data numbers keep bringing music to the ears of President of El Salvador, Nayib Bukele who has played an amazing role in bringing Bitcoin to the region and taking advantage of its potential.
Nayib Bukele’s efforts in promoting Bitcoin in the country and making it as legal tender has enabled it to rise to levels it has never experienced before ever and despite what critics have said, this is a huge achievement for both the country and the overall cryptocurrency space included.
Rising Value
Regarding the reports and data recently shared, El Salvador’s GDP had crossed the 10% mark, recording 10.3% back in 2021. Comparing it to the previous records, this is the very first time that the country has managed to score a GDP in double digits, which is a huge achievement, as the country was suffering hard from the COVID-19 pandemic, recording a GDP loss of nearly 8% back around two years ago.
Exports Skyrocket
Nayib Bukele also mentioned in a tweet that exports have seen a huge rise of 13% recorded last month, compared to that of last year, with exports of nearly $564Million contributing the most towards the economical expansion. This huge rise in export is more than what the country has experiencing in a last thirty years. President Nayib felt quite excited as he questioned whether the country would experience “another double digit” development “this year” as well.
The Future
With Bitcoin now becoming a staple thing in El Salvador, the country has also announced plans for making a Bitcoin mining plant that will be using geothermal sources and the development of a fully-fledged Bitcoin City. Bitcoin’s popularity in the country also grew because of the genius promotion idea of providing its people with reward incentives for using the Chivo wallet, helping people to experiment, without having to use any of their own money.