Originally published on: December 08, 2024
El Salvador’s President Nayib Bukele took to social media to showcase the country’s impressive gains from its Bitcoin investments, surpassing $100,000 for the first time.
The crypto community erupted in celebration as Bitcoin surged to $100,000 on a historic day, prompting Autism Capital to challenge Bukele to share El Salvador’s Bitcoin portfolio. In response, Bukele proudly revealed that the country has invested nearly $270 million in Bitcoin, with unrealized gains now exceeding $333 million.
Since becoming the first country to adopt Bitcoin as legal tender on September 7, 2021, El Salvador has remained steadfast in its commitment to the cryptocurrency. By implementing a dollar-cost averaging strategy of purchasing one Bitcoin daily since November 17, 2022, the country’s Bitcoin holdings now stand at 6,180 BTC, with an average purchase price of $44,739.88 per Bitcoin.
In addition to substantial profits, El Salvador has experienced a boost in tourism and economic activity following its adoption of Bitcoin. However, the International Monetary Fund (IMF) has raised concerns about the country’s Bitcoin policies, urging El Salvador to reconsider its stance due to potential risks to financial stability.
Despite pressure from the IMF, El Salvador remains resolute in its support for Bitcoin, with Bukele continuing to champion the innovative cryptocurrency as a means of financial empowerment and inclusion.
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