El Salvador is opening a 'bitcoin embassy' in Texas in a bid to promote more acceptance of crypto
Mayorga noted that her country and Texas logged more than $1.2 trillion in commercial exchange in 2022. She highlighted that figure in showcasing her discussions with Joe Esparza, the deputy secretary of state in Texas, about expanding commercial and economic projects, including a so-called"Bitcoin Embassy."
El Salvador has already reached beyond its borders to push for bitcoin adoption. Mayorga in October said it planned a bitcoin office infor the countries to work together on initiatives"to drive the adoption of Bitcoin and other cryptocurrencies," in their respective regions. El Salvador as of November 2022 had purchased 2,381 bitcoin. At Wednesday's price around $23,056, the country's holding was worth about $55 million. Aestimated the government had paid about $105 million for the cryptocurrency, basing its analysis on tweets from El Salvador's President Nayib Bukele.
Bitcoin's value has plummeted from a high of $69,000 in November 2021, but has recovered from lows during the crypto winter that dragged most cryptocurrency prices lower. Bitcoin so far in 2023 has jumped by nearly 40% after losing roughly 60% of its value in 2022.
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