El Salvador hints at Bitcoin banks as $400 trillion wealth shift gains steam

El Salvador is signaling its next significant step in Bitcoin adoption by planning to create a dedicated Bitcoin bank.

On Aug. 8, the country’s Bitcoin Office posted on X, declaring:

“Bitcoin Banks are coming to the Bitcoin Country.”

Although no further details were disclosed, the announcement suggests a plan to integrate Bitcoin-based banking into the nation’s financial system.

This could involve new legislation supporting banks that operate primarily in Bitcoin and offer services such as deposits, lending, and payments denominated in the flagship digital asset.

Max Keiser, Senior Bitcoin Adviser to President Nayib Bukele, underscored the ambition behind the move, describing Bitcoin’s growth in El Salvador as “unstoppable” and part of a global shift challenging traditional banking systems.

Keiser claimed Bitcoin is absorbing the world’s $400 trillion in stored value and diminishing the influence of central banks.

El Salvador’s Bitcoin drive

El Salvador made history in 2021 by becoming the first nation to adopt Bitcoin as legal tender.

Since then, it has positioned itself as one of the world’s most crypto-friendly jurisdictions, attracting global companies like stablecoin issuer Tether, which established its headquarters in the country.

Government data shows that El Salvador holds 6,262.18 BTC, worth more than $730 million at current prices. This accumulation has strengthened its image as a global hub for Bitcoin innovation.

However, El Salvador’s Bitcoin policy has faced stiff criticism from global financial agencies.

Over the years, the International Monetary Fund (IMF) consistently warned about potential financial risks attached to the Central American country’s Bitcoin embrace.

Moreover, the financial watchdog also recently alleged that the country stopped acquiring Bitcoin in late 2024. According to the IMF, recent purchase announcements were internal transfers rather than new acquisitions.

Despite such criticism, El Salvador’s Bitcoin-first approach has sparked interest from other nations. Bolivia is reportedly studying the country’s experience as it considers its own potential Bitcoin initiatives.

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