Dark Mode
Blogs
El Salvador’s decision to invest in Bitcoin has proven risky but potentially profitable. The country owns 722 Bitcoins, purchased at an average price below $42,000 each. With Bitcoin’s current price exceeding $75,880, El Salvador’s holdings have increased in value by 81%, yielding nearly $24.54 million in gains. This strategy began on November 18, 2022, when President Nayib Bukele started buying one Bitcoin per day, even when prices were low at $16,700.
This consistent buying approach has allowed the government to build a strong position at a favorable average price. The investment shows calculated risk-taking with notable short-term benefits, significantly boosting the country’s Bitcoin portfolio.
Beyond daily Bitcoin purchases, El Salvador is pursuing broader Bitcoin-related projects to foster economic growth, including “Bitcoin City,” a planned city powered by geothermal energy and funded by Bitcoin bonds, aimed at positioning the country as a hub for blockchain and crypto technology.
However, while Bitcoin profits are promising, national adoption has faced challenges. Despite Bitcoin being legal tender since 2021, only about 7.5% of Salvadorans reportedly use it for everyday transactions.
Did you like this article?
Did you like this article?
In cities like Los Angeles and Toronto, a refreshing trend is emerging: the coffee party. These vibrant gatherings combine the warmth of freshly brewed coffee with live music, creating an inclusive and relaxed atmosphere where people from all walks of life can...
This year’s roster includes a diverse array of top-streaming artists and emerging talents who will come together to present two days of explosive performances. FUEGO FUEGO 2025 is set to be a an unforgettable weekend, highlighting a diverse blend of music genres, from...
Canadian Prime Minister Justin Trudeau has condemned Donald Trump’s new 25% tariffs on Canadian and Mexican imports, calling them a "very dumb thing to do" and vowing a "relentless fight" to protect Canada's economy. In response, Canada announced retaliatory tariffs...
Canadian Prime Minister Justin Trudeau has condemned Donald Trump’s new 25% tariffs on Canadian and Mexican imports, calling them a "very dumb thing to do" and vowing a "relentless fight" to protect...
Canada is preparing for a trade war with the U.S. after President Trump’s 25% tariffs on Canadian goods took effect. Prime Minister Justin Trudeau announced immediate retaliatory tariffs of 25% on...
Colombia is trying to move away from its association with drug cartels and Pablo Escobar, despite the rise of "narco tourism." Many tourists are drawn to Medellín for its history with Escobar,...
0 Comments