- December 5, 2024
- Posted by: admin
- Category: BitCoin, Blockchain, Cryptocurrency, Investments
El Salvador’s president Nayib Bukele is celebrating the country’s success as its Bitcoin holdings surpass $300 million in unrealized profit.
In a Dec. 5 post on X (formerly Twitter), Bukele shared a screenshot showing that the country’s Bitcoin holdings reached over $600 million. This spike came as Bitcoin’s price surged past $100,000, hitting an all-time high of $103,465.81.
According to the screenshot, the value of El Salvador’s Bitcoin holdings increased by 117.74%, reaching approximately $603 million. Bukele’s figures show that the country initially invested around $269.7 million in Bitcoin, resulting in an unrealized profit exceeding $335 million.
The term “unrealized profit” refers to the difference between the initial purchase price and the asset’s current market value, which changes with market fluctuations.
Over the years, El Salvador’s unwavering commitment to Bitcoin has made it a focal point of support and criticism.
Despite repeated warnings from international financial organizations, including the International Monetary Fund (IMF), Bukele’s administration has continued accumulating the flagship digital asset since it was made legal tender in 2021.
Additionally, the government has introduced a range of initiatives to further integrate Bitcoin into the national economy. These include exploring using the country’s volcanoes for Bitcoin mining and launching a BTC training and certification program for public officials.
Community reacts
The crypto community has primarily supported El Salvador’s Bitcoin strategy, noting the significant boost to the country’s financial position.
Elon Musk, a prominent tech billionaire and crypto advocate, praised the impressive profits the Central American country has generated since it adopted the top crypto.
According to Arkham Intelligence data, Musk’s electric car company Tesla’s Bitcoin holdings have also retaken the $1 billion mark amid BTC’s price rise. Had the company held all the Bitcoin it bought in 2021, it would now be worth $4 billion.
Meanwhile, Stacy Herbert, Director of the El Salvador Bitcoin Office, acknowledged the efforts of the team behind the country’s success, stating:
“So much hard work went into this success. And one day the story will be told about how a very small team of us made this happen.”
The post Elon Musk impressed by El Salvador’s over $300 million unrealized profit in Bitcoin appeared first on CryptoSlate.
