According to an X post from the Twitter account of The Bitcoin Office of El Salvador, the nation is eyeing the launch of Bitcoin Banks. Yet no exact date of launch has been specified, but there are claims that its functioning draft is expected by the end of the year.
pic.twitter.com/DEGUKMmhfd
— The Bitcoin Office (@bitcoinofficesv) August 8, 2025
The nation’s plan to launch Bitcoin Banks has sparked debate in the wider market, with some appreciating the move and others busy criticizing. El Salvador has been involved in BTC since mid-2020, and since then, it has accumulated a significant number of Bitcoins, which are now valued at more than $700 million.
El Salvador remains Bitcoin-dedicated despite external criticism
The majority of the time, El Salvador has faced criticism just because of its pro Bitcoin stance, but despite these backlashes, the nation and its young leader have continued to accumulate Bitcoin, and as per BitcoinTreasury, the nation now holds 6,262 BTC valued at over $700 million when writing.
It is worth noting that at the time of the billion-dollar loan deal with the IMF, and in February this year, it was reported that El Salvador had amended the Bitcoin Law to make it optional and remove its status as a legal tender.
According to a report dated July 19, 2025, the nation hasn’t bought any Bitcoin since February this year. Nayib earlier stated that despite the IMF agreement, which got a loan of $1.4 billion for the nation, but needed to reduce his Bitcoin activity, but he would not stop buying BTC.
A quick overview of Bitcoin prices
According to the data from CoinMarketCap, Bitcoin is now trading at $116,630 with no major sign of surge or decline in the past 24 hours. Over the past few days, its price seems to be struggling in the range below $118,000, and a sideward movement has been noted in the prices.
When writing, the market capitalization of Bitcoin was $2.32 trillion with a slight addition of 0.33% and trading volume has reached $63.59 billion with an increase of 5.25% in the past 24 hours.
It is crucial to note that the market dominance of Bitcoin has faded around 0.33% intraday and in a week it is down by 1.47% reaching 60.81%, in the 30-day time frame it fell by 6.53% and in a quarter it has slipped around 4.43%.
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