Bitcoin in El Salvador

On September 7, 2021, El Salvador made history by becoming the first country in the world to adopt Bitcoin as legal tender. President Nayib Bukele championed the move, arguing that it could transform the country's economy. But Bitcoin did not replace the US dollar — it was adopted alongside it as a second official currency. The government launched a digital wallet called Chivo (Salvadoran slang for 'cool') and gave every citizen who signed up a $30 bonus in Bitcoin to encourage adoption.