According to the X page of The National Bitcoin Office (ONBTC) of El Salvador, the country is planning to launch Bitcoin (BTC) banks. If successful, it would mark the first instance of a BTC-specific banking institution.
Bitcoin to Get More Adoption After El Salvador’s Bank Launch?
El Salvador’s plans highlight the growing influence of Bitcoin and cryptocurrencies in global finance. Cryptocurrencies were once shunned by the mainstream financial sector. Today, most of the world’s largest financial institutions are opening their doors to the budding industry.
El Salvador’s decision to launch Bitcoin banks should not come as a surprise. The country was the first in the world to legalize BTC as a legal tender back in 2021. El Salvador’s pro-BTC stance started a wave that put it in the spotlight. Today, many nations are seriously considering digital asset reserves. President Trump also signed an executive order soon after his Presidential Inauguration to set up a digital asset reserve in the US.
The establishment of Bitcoin banks may inspire other nations to follow suit. It could lead to more people putting their money into BTC. BTC is one of the best-performing assets of the last decade and a half. Many people have begun moving their savings into crypto as a way to escape inflation. While the dollar has seen a gradual decline over the last few decades, BTC is going the other way around.
Also Read: Bitcoin Price Builds Support—$135K+ Breakout in Sight
Bitcoin (BTC) recently hit an all-time high of $122,838 in July. Many anticipate the upward momentum to continue over the next few years. Industry experts predict BTC will breach the $1 million mark by the end of this decade. Binance founder Changpeng Zhao and Ark Invest CEO Cathie Wood are among those who believe BTC is on its way to the seven-figure territory.
