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Nayib Bukele rose to El Salvador's presidency, made Bitcoin legal tender in 2021, and repealed its mandatory-acceptance clause in 2025 under IMF pressure while reported holdings kept growing.
Institutions built a $300B stake; governments turned seized coins into reserves. Two Nobel economists, asked years later, still weren't persuaded. What actually changed, checked against the record.
El Salvador's Bitcoin Law took effect on September 7, 2021, requiring merchants nationwide to accept bitcoin and launching the government's Chivo wallet with a $30 sign-up incentive.
El Salvador's legislature voted 55-2 to end mandatory bitcoin acceptance under a $1.4B IMF deal that also capped public-sector bitcoin buying at zero — a line the government kept testing anyway.
Governments that banned Bitcoin hardest ended up holding the most of it. A survey of policy reversals across thirty jurisdictions, and the two governments that never reversed at all.
Satoshi's ~1.1M BTC sit still while companies, ETFs, and nation-states build stacks of their own. A sourced map of who holds the 21 million — and why the biggest whales still have no names.