President Nayib Bukele has reported that El Salvador's Bitcoin investments have yielded unrealized profits exceeding $357 million. This surge aligns with a recent increase in Bitcoin's value.
El Salvador's Bitcoin Investments
Bukele estimated that the nation's Bitcoin holdings are currently worth over $644.4 million, compared to an initial investment of $287.1 million. This translates to a 124.4% unrealized profit margin, with $69.8 million in unrealized gains generated this year alone.
El Salvador's Bitcoin Strategy
Four years ago, El Salvador became the first country to officially adopt Bitcoin as legal tender. Despite pressure from the International Monetary Fund (IMF) to curb Bitcoin activities, Bukele remains committed to promoting Bitcoin accumulation.
Bitcoin Price Surge and ETFs
The recent rise in Bitcoin's value coincides with a broader market rally. Bitcoin is approaching its historical highs, supported by renewed interest in exchange-traded funds (ETFs) and other favorable market conditions.
Overall, the situation illustrates that El Salvador, despite domestic and international criticism, continues to advance its Bitcoin strategy while securing significant profits.
