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El Salvador’s Bitcoin holdings surpass $150M, setting new records

TL;DR

  • El Salvador’s Bitcoin holdings are now worth over $150 million, showing its success in adopting cryptocurrency.
  • Despite past criticism, President Bukele remains confident in holding onto Bitcoin for long-term gains.
  • According to industry experts, other nations may follow El Salvador’s lead in embracing Bitcoin as legal tender.

El Salvador, the Central American nation that made waves by adopting Bitcoin as legal tender, has seen its investment in the cryptocurrency skyrocket. With the latest data from Bitcoin Treasury estimating the government’s Bitcoin holdings to be worth over $150 million, the country is celebrating a significant milestone in embracing digital assets.

Bitcoin holdings surge past $150 million

Since President Nayib Bukele announced the government’s decision to purchase 1 BTC per day, El Salvador has amassed approximately 2,380 BTC. This accumulation has proven wise, with their holdings now exceeding $150 million. The average purchase price of each BTC stands at $44,300, marking a substantial increase from their initial investment.

President Bukele has responded to critics who questioned the viability of El Salvador’s Bitcoin strategy during periods of market downturn. 

He pointed out that despite media scrutiny when Bitcoin prices were low, the government now stands to make a profit of over 40% if they were to sell their holdings. 

Bukele remains steadfast in his commitment to holding onto Bitcoin, emphasizing that “1 BTC = 1 BTC” regardless of market fluctuations.

El Salvador’s pioneering approach

El Salvador’s decision to adopt a “Bitcoin standard” has garnered global attention, positioning the nation as a trailblazer in cryptocurrency adoption. Despite rumors of other countries considering similar moves, El Salvador stands alone in its official embrace of Bitcoin as a legal tender.

While El Salvador is in charge of adopting Bitcoin, speculation abounds regarding the potential for other nations to follow suit. Samson Mow, CEO of Jan3, anticipates continued adoption by nation-states, corporations, and institutional buyers. 

With Bitcoin’s price trajectory showing no signs of slowing down, Mow predicts that price-insensitive buyers, including retail investors, will continue to enter the market.

Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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James Kinoti

A crypto enthusiast, James finds pleasure in sharing knowledge on fintech, cryptocurrency as well as blockchain and frontier technologies. The latest innovations in the crypto industry, crypto gaming, AI, blockchain technology, and other technologies are his preoccupation. His mission: be on track with transformative applications in various industries.

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