El Salvador’s Government Signals Potential Launch of Bitcoin Banks
El Salvador's National Bitcoin Office (ONBTC) hinted at plans to launch its first Bitcoin banks, aligning with the country's effort to integrate Bitcoin into its financial system. Key points include:
- No details on structure or timeline have been disclosed.
- A proposal for a private investment bank operating in both Bitcoin and US dollars requires $50 million in capital.
- El Salvador holds 6,263 BTC, valued over $730 million, representing a significant fiscal asset despite skepticism from entities like the IMF.
- Current unrealized profits from Bitcoin exceed $228 million as Bitcoin trades above $117,000.
- The demand for Bitcoin banking infrastructure is driving growth in crypto wallet solutions, exemplified by the Best Wallet presale reaching $14 million.
President Nayib Bukele's administration continues its strategy of accumulating Bitcoin through mining and tourism revenue, aiming for long-term gains while mitigating price volatility.