El Salvador’s bold decision to invest in Bitcoin daily is proving to be a winning strategy, with impressive profits rolling in. ack in November 2022, President Nayib Bukele took a daring step by committing to buy one Bitcoin every day when prices hit rock bottom. Now, that decision is bringing in major returns, with gains skyrocketing to $24.54 million—a massive 81% profit for the country!
This tiny Central American nation has proved that strong (and initially risky) moves can yield huge results in the crypto space.
In 2021, El Salvador made history as the first country to adopt Bitcoin as legal tender. Since then, the nation has steadily built up its Bitcoin reserves, strategically investing more into the cryptocurrency. This unique approach has proven fruitful, particularly with Bitcoin’s recent price surge, and El Salvador is reaping the rewards.
On November 18, 2022, when Bitcoin’s price plummeted to a four-year low of $16,700, President Bukele seized the moment. He announced a commitment to buy 1 BTC daily to strengthen El Salvador’s holdings. This bold strategy has since added 722 BTC to the country’s reserves at an average cost of less than $42,000 per coin.
With Bitcoin now reaching a new all-time high of $77,252, El Salvador’s investment has generated significant returns, with profits currently at $24.54 million—an 81% increase in value.
According to Memepool, El Salvador currently holds approximately 5,928.76 Bitcoins, valued at around $454.39 million. This daily purchasing strategy has allowed the government to steadily increase its reserves, solidifying its position as a notable Bitcoin holder.
Vision for “Bitcoin City”
In addition to its Bitcoin investments, El Salvador is planning an ambitious project called “Bitcoin City.” This futuristic city is envisioned to run entirely on geothermal energy and will be funded through Bitcoin-backed bonds.
The project reflects the country’s deep commitment to Bitcoin and its vision to create a unique, sustainable city centered around cryptocurrency.
According to blockchain analytics platform SpotOnChain, El Salvador’s gains reflect both Bitcoin’s price increase and smart timing. By purchasing Bitcoin during a market dip, the country positioned itself to benefit from the recent recovery in the crypto market.
This consistent strategy has brought El Salvador one of its highest returns from crypto investments to date, showcasing the potential of a long-term approach in the digital asset world.
A small nation, a big vision, and a very lucrative bet. Will other nations follow suit? Only time will tell.
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