• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

El Salvador Persistently Accumulates Bitcoins Despite Risks

user avatar

by Giorgi Kostiuk

a year ago


  1. Bitcoin: A Risky Bet or a Vision for the Future
  2. Crypto: Transparency in Question
  3. Conclusion

  4. El Salvador, far from being a nation as opulent as Croesus, continues to accumulate bitcoins with disconcerting tenacity. Under the leadership of its president nicknamed the 'cool dictator,' this small Central American country hasn’t sold a single piece of its precious reserve. But what lies behind this bold strategy?

    Bitcoin: A Risky Bet or a Vision for the Future

    Since March 2024, El Salvador has added one Bitcoin per day to its national treasury. This operation has allowed them to accumulate 162 additional coins, bringing the total to 5,851 BTC, worth approximately $356.4 million at current prices. Behind this strategy is President Nayib Bukele, who has made Bitcoin the emblem of his economic policy. In the short term, El Salvador shows a float profit of $93.45 million, but crypto markets are highly volatile. The international community is divided between admiration for Bukele’s bravery and skepticism over what could turn into an economic shipwreck.

    Crypto: Transparency in Question

    To allay fears, Bukele has implemented a 'mempool space' system, allowing total transparency over the government’s bitcoin holdings. However, this measure might not be enough to dispel all doubts. El Salvador doesn’t just buy bitcoins; it mines them too, using the geothermal energy of its volcanoes. Since 2021, the country has mined 474 BTC, equivalent to $29 million. This ecological initiative fits into the president’s vision of combining technology and natural resources. However, even a green strategy doesn’t guarantee success in the face of crypto volatility.

    Conclusion

    Nayib Bukele, recently reelected for a second five-year term, seems determined to continue his policy despite criticism and concerns. As El Salvador continues to enrich its Bitcoin reserves, the international community remains divided: is it madness or a strategic move?

    El Salvador persistently accumulates bitcoins under its president’s leadership, despite criticism and economic risks. Time will tell if this bold strategy pays off.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Hyperliquid Token Faces Resistance Amidst Dominance in DEX Trading

chest

The Hyperliquid token is currently hovering around 2653 after failing to break through significant resistance at the 29 level. Despite being the dominant decentralized derivatives exchange with a daily trading volume of around 7 billion, the token has recently experienced a dip of 333. Traders are closely monitoring the situation as they look for upward momentum.

user avatarAyman Ben Youssef

Avalanche's Modular Scaling Model Faces Challenges

chest

Avalanche promotes its platform as a fast EVM chain using subnets, but this modular approach raises concerns about liquidity and app connectivity.

user avatarTando Nkube

Thinking Machines Lab Faces Leadership Shakeup as CoFounders Depart to OpenAI

chest

Mira Murati's startup, Thinking Machines Lab, faces a talent drain as cofounders Barret Zoph and Luke Metz return to OpenAI, raising concerns about the startup's future.

user avatarKofi Adjeman

Bitcoin Price Surges Above 96,000

chest

Bitcoin has started a fresh increase, trading above 96,000 and aiming for 100,000.

user avatarNguyen Van Long

Solana SOL Demonstrates Performance Stability

chest

Solana's network performance is characterized by innovation and resilience, contributing to renewed confidence among users.

user avatarSatoshi Nakamura

Raydium RAY Maintains Strong DeFi Relevance

chest

Raydium has been recognized for its superior role within decentralized exchange infrastructure, supporting steady volume retention. Despite broader sector fluctuations, Raydium's market structure has appeared stable, positioning it as a key player in the DeFi space.

user avatarLucas Weissmann

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.