El Salvador Celebrates $300 Million in Bitcoin Profits
El Salvador’s president Nayib Bukele is celebrating the country’s success as its Bitcoin holdings surpass $300 million in unrealized profit.
Bitcoin Holdings Reach Over $600 Million
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.
117.74% Increase in Bitcoin Holdings
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.
Unrealized Profit Explained
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.
El Salvador’s Commitment to Bitcoin
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 Support and Acknowledgement
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.
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.”
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