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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Mar 07, 2024 02:08 UTC
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El Salvador Bitcoin Investment Pays Off with Millions in Profits!
El Salvador's Bitcoin holdings are now worth over $150 million, with profits exceeding $50 million after Bitcoin's price surge.
President Bukele, who made El Salvador the first country to adopt Bitcoin as legal tender, remains confident despite criticism.
While El Salvador enjoys gains, it faces continued isolation from other countries in adopting Bitcoin as a national currency.
In a shocker, President Nayib Bukele has steered El Salvador’s Bitcoin holdings to a whopping $150 million, marking a significant milestone in the world of cryptocurrencies. The Central American nation, led by Bukele, etched its name in history in 2021 as the first country globally to embrace Bitcoin as legal tender.
Here’s more information about this milestone.
Groundbreaking Moves
President Bukele’s bold decision enabled the government to acquire 1 BTC daily, resulting in an impressive stash of around 2,380 BTC valued at a staggering $158.5 million. With Bitcoin hitting a new all-time high on March 5, surging to $164.7 million, El Salvador’s profits soared past the $50 million mark, showcasing the resilience and foresight of its leadership.
Facing international skepticism, President Bukele delivered a witty response using a familiar Mr. Bean meme to critique mainstream media for downplaying El Salvador’s Bitcoin gains due to its debt structure. The President asserted,
“When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses. Now that Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40%, and our main source of BTC is now our citizenship program,”
International Scrutiny
Despite El Salvador’s triumphant Bitcoin journey, global financial entities like the World Bank and the International Monetary Fund (IMF) have voiced criticism regarding the country’s unconventional stance on the cryptocurrency.
The global powerhouses question the sustainability and prudence of El Salvador’s crypto-centric economic strategy.
It’s Lonely at the Top, Isn’t It?
Even during the crypto winter of November 2022, when Bitcoin plummeted to $15,000, El Salvador and its strategic partner Microstrategy faced criticism for their unwavering commitment to Bitcoin. President Bukele, undeterred by the temporary setback, has maintained his bullish outlook on cryptocurrencies, continuously exploring avenues for investment and economic growth.
Read More: MicroStrategy Raises the Stakes: $700 Million Committed to Bitcoin
While El Salvador revels in its crypto triumph, the nation remains a solitary figure on the global stage, standing apart from other nation-states by adopting a “Bitcoin standard.” No other nations have officially embraced this unconventional economic path, leaving El Salvador in a league of its own.
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