El Salvador’s investment in Bitcoin has yielded an unrealized profit exceeding $357 million, as per the revelation made by the country’s President, Nayib Bukele, on his social media platform. This figure is a result of Bitcoin’s recent upsurge, closing in on its prior peak of $108,786.
In his social media post, Bukele disclosed a screenshot showing El Salvador’s BTC assets valued at over $644.4 million. This sum is a significant increase from the initial investment of $287.1 million, equating to an unrealized profit margin of 124.4%. The country has already generated an impressive $69.8 million in unrealized gains this year alone.
At the moment, El Salvador possesses approximately 6,181 BTC, which is valued around $639 million, according to the nation’s Bitcoin office. In a groundbreaking move, El Salvador became the first nation to officially adopt Bitcoin as legal tender in June 2021, a move spearheaded by Bukele to boost financial inclusivity.
Since then, the country has been consistently adding to its Bitcoin reserves. Bukele has continued to advocate for Bitcoin accumulation, even in the face of agreements with the IMF to restrict Bitcoin-related activities in return for a financial aid package. These agreements, which included making Bitcoin acceptance voluntary for the private sector, were swiftly transformed into a bill and passed by the legislature in January.
In Bukele’s words, “If it didn’t stop when the world ostracized us and most ‘bitcoiners’ abandoned us, it won’t stop now, and it won’t stop in the future.” As of now, Bitcoin is trading at $103,643, per The Block’s Bitcoin price page, after reaching a local high of roughly $106,500 earlier in the day. The world’s biggest cryptocurrency has been rallying in recent weeks as investor confidence in Bitcoin’s durability has grown amid expectations of a resolution to the U.S.-China trade dispute.
Disclaimer: The Block is an independent news source providing news, research, and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other firms in the crypto sector. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to function independently to deliver objective, impactful, and timely crypto industry information. This article is for informational purposes only and should not be taken as legal, tax, investment, financial, or other advice.
