Blogs

El Salvador Bitcoin holdings hit all time high

Mar 7, 2024 | Community News

March 7, 2024

El Salvador’s government now holds Bitcoin valued at over $150 million, a significant increase from its initial investment. Since approving Bitcoin as legal tender in 2022, the country’s holdings have surged, boosted by President Nayib Bukele’s decision to purchase 1 BTC daily. With approximately 2,380 BTC accumulated at an average price of $44,300, the recent market peak saw the value rise to $164.7 million, representing a 53% profit. Bukele criticized media coverage of the government’s economic policy, highlighting the potential profit and emphasizing the country’s reliance on its citizenship program for BTC. Despite being a pioneer in adopting a “Bitcoin standard,” no other nations have officially followed suit. However, experts like Samson Mow anticipate more nation-states, alongside corporations and institutional buyers, embracing Bitcoin in the future. Mow emphasized the influx of price-insensitive buyers contributing to Bitcoin’s upward trajectory but cautioned readers that investments involve risks, advising independent research before making decisions.

Did you like this article?

Did you like this article?

0 Comments

Latest Posts

Cuban-American Star Fernando Mendoza Wins the 2025 Heisman Trophy

Indiana Hoosiers quarterback Fernando Mendoza made history on December 13, winning the 2025 Heisman Trophyduring the annual ceremony in New York City — becoming one of the most celebrated players in college football and a proud representative of Cuban-American...

Lionel Messi’s India Tour Starts With Chaos in Kolkata

Lionel Messi’s highly anticipated tour of India got off to a rough start over the weekend after chaos broke out during his brief appearance at Salt Lake Stadium in Kolkata. According to local reports, fans ripped up stadium seats and threw them toward the pitch after...

Events

Related articles