El Salvador hints at Bitcoin banks as $400 trillion wealth shift gains steam
El Salvador is signaling its next significant step in Bitcoin adoption by planning to create a dedicated Bitcoin bank.
On Aug. 8, the country’s Bitcoin Office posted on X, declaring:
“Bitcoin Banks are coming to the Bitcoin Country.”
Although no further details were disclosed, the announcement suggests a plan to integrate Bitcoin-based banking into the nation’s financial system.
This could involve new legislation supporting banks that operate primarily in Bitcoin and offer services such as deposits, lending, and payments denominated in the flagship digital asset.
Max Keiser, Senior Bitcoin Adviser to President Nayib Bukele, underscored the ambition behind the move, describing Bitcoin’s growth in El Salvador as “unstoppable” and part of a global shift challenging traditional banking systems.
Keiser claimed Bitcoin is absorbing the world’s $400 trillion in stored value and diminishing the influence of central banks.
El Salvador’s Bitcoin drive
El Salvador made history in 2021 by becoming the first nation to adopt Bitcoin as legal tender.
Since then, it has positioned itself as one of the world’s most crypto-friendly jurisdictions, attracting global companies like stablecoin issuer Tether, which established its headquarters in the country.
Government data shows that El Salvador holds 6,262.18 BTC, worth more than $730 million at current prices. This accumulation has strengthened its image as a global hub for Bitcoin innovation.
However, El Salvador’s Bitcoin policy has faced stiff criticism from global financial agencies.
Over the years, the International Monetary Fund (IMF) consistently warned about potential financial risks attached to the Central American country’s Bitcoin embrace.
Moreover, the financial watchdog also recently alleged that the country stopped acquiring Bitcoin in late 2024. According to the IMF, recent purchase announcements were internal transfers rather than new acquisitions.
Despite such criticism, El Salvador’s Bitcoin-first approach has sparked interest from other nations. Bolivia is reportedly studying the country’s experience as it considers its own potential Bitcoin initiatives.
The post El Salvador hints at Bitcoin banks as $400 trillion wealth shift gains steam appeared first on CryptoSlate.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Data-Anchored Tokens (DAT) and ERC-8028: The Native AI Asset Standard for the Decentralized AI (dAI) Era on Ethereum
If Ethereum is to become the settlement and coordination layer for AI agents, it will need a way to represent native AI assets—something as universal as ERC-20, but also capable of meeting the specific economic model requirements of AI.
Who decides the fate of 210 billions euros in frozen Russian assets? German Chancellor urgently flies to Brussels to lobby Belgium
In order to push forward the plan of using frozen Russian assets to aid Ukraine, the German Chancellor even postponed his visit to Norway and rushed to Brussels to have a working meal with the Belgian Prime Minister, all in an effort to remove the biggest "obstacle."
The "Five Tigers Competition" concludes successfully | JST, SUN, and NFT emerge as champions! SUN.io takes over as the new driving force in the ecosystem
JST, SUN, and NFT are leading the way, sparking increased trading and community activity, which is driving significant capital inflows into the ecosystem. Ultimately, the one-stop platform SUN.io is capturing and converting these flows into long-term growth momentum.
Trending news
MoreCrypto prices
More
