El Salvador Endless Support Of Bitcoin

Updated: 15 February 2023

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What- El Salvador opens a second Bitcoin Embassy in Texas
Why- The opening aims to facilitate the expansion of commercial and economic exchange projects
What Next- The country continues Bitcoin adoption, as its latest move is a huge milestone

El Salvador is showing its endless support for Bitcoin by opening another Bitcoin Embassy in Texas. This comes a few months after it opened its first Bitcoin Embassy in Lugano, Switzerland.

El estado de Texas, nuestro nuevo aliado.

En mi encuentro con el Secretario Adjunto del Gobierno de Texas, Joe Esparza @TXsecofstate, abordamos la apertura de la segunda Embajada #Bitcoin y de ampliar los proyectos de intercambios comerciales y económicos. 🇺🇸🤝🇸🇻 pic.twitter.com/NcmOjeadl6

— Milena Mayorga (@MilenaMayorga) February 14, 2023

According to a tweet by El Salvador’s ambassador to the United States, Milena Mayorga, she and other representatives discussed with Joe Esparza, the deputy secretary of the Texas government concerning the project. Mayorga stated:

We discussed opening the second Bitcoin Embassy and expanding commercial and economic exchange products.

She further noted that, in 2022, El Salvador and the State of Texas had a commercial exchange of $ 1,244,636,983.

Recently, much of the Texas government has been pro-Bitcoin. Notably, this is a step further in its involvement in crypto since it became the first city government in the U.S. to mine Bitcoin.

El Salvador’s Bitcoin legacy

El Salvador became the first sovereign country globally to make bitcoin legal tender, hence writing history. The government has since then made bold moves, including creating the first bitcoin-backed debt bonds and hosting a tremendous Bitcoin Adoption conference. Noteworthy, the meeting between the country’s ambassador and the Government of Texas representative is a bold move in its acquisition of Bitcoin.

However, recently the International Monetary Fund (IMF), issued a warning to the countries’ economy over the use of Bitcoin in El Salvador, due to the speculative nature of crypto market. Additionally, IMF stated that the government should reconsider its plans to increase exposure to Bitcoin.