Blogs

El Salvador Bitcoin holdings hit all time high

Mar 7, 2024 | Local 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

Canada’s Largest Reggaeton Block Party Returns to Vaughan

Toronto’s biggest Reggaeton weekend is about to take over Vaughan once again. The “I Love Reggaeton” Block Party returns to Assembly Park, bringing together over 2,000 people for what has become one of the most talked-about Latin summer events in Canada. And right...

Events

Related articles