In a bid to revitalize El Salvador's dollarized, remittance-reliant economy, President Nayib Bukele in 2021 made bitcoin legal tender alongside the US dollar, though studies show uptake of the cryptocurrency has been slow
Nayib Bukele's Bitcoin Office is now 21 months old, marking a milestone in the country's BTC adoption drive that includes the nation's adoption of the world's top digital asset as legal tender. AFP

KEY POINTS

  • 21 is a significant number for Bitcoiners as there will only be 21 million Bitcoin to ever exist
  • El Salvador's ONBTC calls itself the "keeper of the Bitcoin Country vision"
  • The office keeps track of El Salvador's Bitcoin stash and collaborates with BTC-centric projects

El Salvador has been making a statement since Nayib Bukele came to power in 2019, and one of the key reasons for its rise to global fame is its wild embrace of Bitcoin, the world's first decentralized cryptocurrency.

On Sunday, the country's National Bitcoin Office (ONBTC), which is a government department officially established by Bukele himself, marked 21 months of being in service.

The 'Keeper' Of El Salvador's Bitcoin Vision

In a celebratory post on X, the office noted how, for the past 21 months, it has been "the keeper of the Bitcoin Country vision."

Bukele envisions El Salvador as a nation that leads in BTC adoption. He has championed the idea of a "Bitcoin City" and ultimately, a Bitcoin country where people are free to transact with their digital assets.

Why is the ONBTC Marking 21 Months?

While other government offices may celebrate the first, second, or third anniversaries of their office's founding, the ONBTC specifically opted to mark 21 months since it was established.

The number 21 is significant in the BTC community. There are only 21 million Bitcoins that will ever exist, a major aspect of the digital asset's value proposition.

What Does the ONBTC Do?

Based on information provided by the office, the ONBTC keeps track of El Salvador's BTC-related transactions. The office has an official website where it keeps the world informed of El Salvador's Bitcoin treasury. It also collaborates with initiatives that help drive BTC adoption and education.

Bukele vowed in November 2022 that his country will buy 1 BTC daily. Since then, it has kept its promise and now holds 5,867.76 Bitcoins as of early Monday.

El Salvador's Bitcoin Education Initiatives

Aside from being the first country to make Bitcoin legal tender in 2021, in a bid to encourage broader adoption among Salvadorans, El Salvador under Bukele has also been pushing for learners to discover Bitcoin and everything that goes with the industry.

Stacy Herbert, the Director of the ONBTC and also the co-founder of BTC education initiative Cubo+, took to X to celebrate the country's milestones in its Bitcoin adoption and BTC education drive.

"Adopting Bitcoin was just the beginning of the greatest rebrand in history. It was this bold move by President Bukele that, in fact, first pushed global media to look at El Salvador as an actual economic player on the world stage," she wrote.

Herbert also revealed that Chris Pavlovski, the founder and CEO of Rumble Video, spoke with Cubo+ students to enlighten them "about the fight for freedom of speech & how El Salvador can play a role."

Bukele recently admitted that BTC adoption in El Salvador has not yet reached the level his government initially expected. On the other hand, he said the world's largest digital asset by market cap has benefited holders in the central American nation. "We have seen nothing but benefits," he said.

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