El Salvador’s bold move to invest in Bitcoin has paid off big time, with the country now sitting on profits exceeding $50 million. The decision to recognize Bitcoin as a legal tender in 2021 by President Nayib Bukele has proven to be a lucrative one, as the value of the Bitcoin held by El Salvador has surpassed $150 million.
Since announcing the government’s plan to purchase 1 BTC per day, El Salvador has accumulated approximately 2,380 BTC, valued at $158.5 million. With Bitcoin reaching a new all-time high on March 5, the value of the country’s holdings soared to $164.7 million, representing a 53% increase over the initial investment.
Despite facing criticism from international bodies like the World Bank and IMF, Bukele remains steadfast in his belief in the potential of Bitcoin. He recently took to social media to highlight the country’s gains, using a popular meme to mock mainstream media for not acknowledging El Salvador’s success.
While El Salvador’s decision to embrace a “Bitcoin standard” has set it apart from other nation-states, Bukele’s vision for the future of cryptocurrency remains unwavering. Despite the ups and downs of the market, El Salvador continues to explore new opportunities for investment in Bitcoin.
As other countries in South America begin to follow El Salvador’s lead, the small Central American nation remains at the forefront of the crypto revolution. With no official announcements regarding their next steps, it is clear that El Salvador’s journey into the world of Bitcoin is far from over.
