"El Salvador Boosts Bitcoin Holdings as Bukele, Saylor Meet"

El Salvador's President Nayib Bukele met with Bitcoin investor Michael Saylor at the presidential residence on February 13th, 2023, to discuss the global adoption of Bitcoin. The conversation was private, but Saylor hinted at their discussion on X, mentioning the focus on accelerating Bitcoin's global adoption. Bukele, a strong advocate for Bitcoin, has been exploring ways to connect El Salvador with the global digital economy.

During the meeting, El Salvador added one Bitcoin to its cryptocurrency holdings, bringing its total to over 6,000 BTC, valued at around $600 million. This move is part of El Salvador's dollar cost-averaging strategy and its commitment to cryptocurrency adoption. Saylor, on the other hand, has amassed an extensive Bitcoin portfolio, with his company MicroStrategy recently adding over 7,000 BTC to its holdings, totaling over 470,000 BTC, valued at around $46 billion.

The National Bitcoin Office (ONBTC) of El Salvador revealed the meeting on its official X account, with both Saylor and Bukele sharing images of the event. Despite Bukele's efforts to adopt Bitcoin technologies, only around 8% of people in El Salvador use the Chivo digital wallet. Mixed reactions and skepticism persist among the population regarding the long-term benefits of Bitcoin adoption.

El Salvador's Bitcoin journey began in 2021 when the cryptocurrency was announced as a legal tender. However, the International Monetary Fund (IMF) has set conditions restricting Bitcoin adoption as part of a $1.4 billion loan agreement. These conditions include limiting the government's ability to manage Bitcoin holdings and ruling out crypto as a method for paying taxes. Despite these restrictions, Bukele remains committed to adopting Bitcoin to create more economic opportunities and realize his vision of a crypto-powered economy.

Governments and businesses worldwide have shown interest in Bitcoin to boost their economies and create more cash flow. From President Donald Trump's pro-crypto administration to Argentina's President Javier Milei officially endorsing Bitcoin, the trend of crypto adoption is gaining momentum. In Argentina, Bitcoin is now recognized legally in binding contracts, and income tax on Bitcoin trade has been abolished, allowing Bitcoin to be used like traditional fiat currency.

The meeting between El Salvador's Nayib Bukele and Bitcoin investor Michael Saylor signifies