While the government of El Salvador is intensifying its efforts to attract cryptocurrency investments within the country, according to a statement by President Nayib Bukele on December 4th, the total volume of investments in Bitcoin cryptocurrency amounts to $131 million USD with a net profit of $3.6 million USD and a total profit of 2.84%.
On December 1st, Bukele resigned from the position of President of El Salvador after the approval of the country's Legislative Assembly, allowing him to take a break and focus on his pre-election campaign in 2024.
During his first term as president, Bukele made El Salvador the first Central American country to begin acquiring BTC through its national treasury since September 2021, starting with initial investments of $10.3 million. Despite a significant drop in the price of Bitcoin by more than 50% due to a bear market, Bukele continued regular BTC purchases in the country starting in 2022. At one point, the country's Bitcoin portfolio dropped to $45 million from an initial value of $109 million.
In 2021, El Salvador became the first country to adopt Bitcoin as legal tender and also launched the "Citizenship for Investment" program, offering residency visas and the opportunity to obtain citizenship to 1,000 people willing to invest $1 million in Bitcoins.
The country's authorities have expressed their intention to attract additional investments using Bitcoin. If these plans are successful, it will increase financial resources for infrastructure development.
In general, El Salvador serves as an example of the successful integration of Bitcoin into its economy, although there is also criticism of the government's actions regarding the use of cryptocurrencies.
