El Salvador, a small Central American nation, has made waves in the financial world by embracing Bitcoin as legal tender. Under the visionary leadership of President Nayib Bukele, the country’s Bitcoin holdings have experienced an extraordinary surge in value.
In 2022, El Salvador became the first country to officially recognize Bitcoin as legal currency. Since then, its Bitcoin stash has transformed from humble beginnings to a substantial fortune.
President Bukele announced an ambitious plan to acquire 1 BTC per day. Over time, this strategy resulted in the accumulation of approximately 2,380 BTC (worth around $158.5 million) at an average purchase price of $44,300 per Bitcoin.
On March 5, 2024, Bitcoin reached a new all-time high, valuing El Salvador’s holdings at an impressive $164.7 million. This represents a staggering 53% increase over the country’s aggregate cost basis.
Despite media scrutiny during Bitcoin’s bear market phases, President Bukele remained steadfast. He emphasized that El Salvador’s main source of BTC is now its innovative citizenship program. While the market price fluctuated, he asserted, “1 BTC = 1 BTC.”
NEW: 🇸🇻 El Salvador is up $74 million (+60%) on their #Bitcoin holdings 🙌 pic.twitter.com/1C33vqSDTn
— Bitcoin News (@BitcoinNewsCom) March 9, 2024
El Salvador stands out as a trailblazer among nation-states by adopting a “Bitcoin standard.” While rumors circulate about other countries following suit, no official announcements have been made. Samson Mow, CEO of Jan3, predicts that more nation-states will join the Bitcoin movement alongside corporations and institutional buyers.
El Salvador’s unrealized profits on its Bitcoin investments have surpassed $50 million, a remarkable achievement. As Bitcoin continues to evolve, El Salvador’s journey serves as a beacon of innovation and resilience.
Remember, every investment carries risks, and readers should conduct their own research before making financial decisions.
El Salvador’s Bitcoin adventure is far from over. Who’s laughing now?
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