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El Salvador is reaping the rewards of its investment in Bitcoin, having gained a profit exceeding 60 million dollars. This increase has boosted public support and global recognition alongside President Nayib Bukele’s endorsement of Bitcoin. The country has encouraged foreigners to make Bitcoin donations to promote international participation.
Bitcoin’s Price Surge Brings Record Profits
With the recent price surge, El Salvador’s profit from Bitcoin holdings has exceeded 60 million dollars, reaching a record level. The country holds 2,848 Bitcoins and has made a profit of 8.42% in the last 24 hours and 18.60% over the past week. This increase occurred as Bitcoin surpassed the $61,000 mark.
El Salvador‘s experience with the cryptocurrency Bitcoin began when the country started purchasing Bitcoin in 2021 and became the first nation to recognize it as legal tender. However, the crypto crash in November 2022 led to the collapse of various crypto firms and sparked speculation about the country’s financial stability. Reports indicate that El Salvador suffered a loss of 60 million dollars in the first year of its Bitcoin experiment.
Bitcoin Advocate President Re-elected
Nayib Bukele achieved an overwhelming victory in El Salvador’s national elections on February 5, securing his re-election as president. Bukele is known for his steadfast support of Bitcoin and has gained popularity both locally and globally. Additionally, Bukele’s support for Bitcoin provides an opportunity to regularly promote El Salvador’s positive stance on cryptocurrency at an international level.
The El Salvador government extended an open invitation on December 25 for foreigners to donate Bitcoin to development programs. This invitation followed a steady increase in the number of foreigners moving to the country, particularly those interested in coastal communities and supporting digital currencies, who prefer to relocate to El Salvador.
Lastly, in December 2023, the El Salvador National Bitcoin Office (ONBTC) announced it had received regulatory approval from the Digital Assets Commission (CNAD) for the Volcano Bond. These developments have prompted other Latin American countries to take steps towards adopting Bitcoin. Notably, the Argentine government has joined this trend by announcing that contracts can now be made with Bitcoin. At the time of writing, the cryptocurrency Bitcoin is trading at $62,105.
