Satoshi Institute page hero background
Case Study

El Salvador Bitcoin Strategic Reserve

A comprehensive analysis of El Salvador's groundbreaking journey to become the first country to adopt Bitcoin as legal tender and build strategic Bitcoin reserves.

Executive Summary

2,381
Bitcoin Holdings
2.1M+
Chivo Wallet Users
$400M+
Annual Remittance Savings
3+ Years
Bitcoin Legal Tender

Bitcoin Adoption Timeline

Key milestones in El Salvador's Bitcoin legal tender journey

June 2021

Bitcoin Law Proposal

President Nayib Bukele announces proposal to make Bitcoin legal tender alongside the US Dollar.

Legislative Initiative
critical impact
September 2021

Bitcoin Law Implementation

El Salvador becomes the first country to adopt Bitcoin as legal tender, launching the Chivo wallet.

$30M Initial Purchase
critical impact
October 2021

First Bitcoin Bonds Announcement

Announcement of $1B Bitcoin bonds to fund infrastructure and additional Bitcoin purchases.

$1B Bond Program
high impact
2022

Systematic Accumulation

Regular Bitcoin purchases during market downturns, building strategic reserves.

~2,300 BTC Total
high impact
2023

Bitcoin City Project

Development of Bitcoin City powered by volcanic energy and funded by Bitcoin bonds.

$1B+ Investment
medium impact
2024

Institutional Integration

Integration of Bitcoin into government services and international trade settlements.

Ongoing Implementation
high impact

Explore Treasury Governance Frameworks

El Salvador's experience demonstrates the need for structured governance frameworks. Learn how RARTA, SRF, and BEOL address institutional treasury challenges.