El Salvador's Bitcoin Profits Surge to $84 Million

El Salvador's Bitcoin investment yields a profit of $84 million, with its portfolio value rising by 69.09%.
El Salvador's Bitcoin Profits Surge to $84 Million

Key Takeaways

  • El Salvador's Bitcoin investment yields a profit of $84 million.
  • Revenue from various Bitcoin-related initiatives contributes to the country's economic advancement.
  • Global crypto market has seen a $2.7 billion inflow, with Bitcoin leading the charge.

President Nayib Bukele has announced that El Salvador’s Bitcoin portfolio has reached an impressive $84 million profit.

El Salvador has been a pioneer in the adoption of Bitcoin, when it became the first country to make Bitcoin legal-tender.

Diverse revenue streams

Since 2021, El Salvador has acquired 2,861 BTC at an average price of $42,599 each, now valued at over $206 million.

The country’s profit is not just from market appreciation but also from various Bitcoin-related initiatives.

These include:

  • passport programs
  • conversion services
  • state-operated mining
  • government service payments in Bitcoin

In December 2023, a new law was passed to attract foreign investment by offering expedited citizenship for Bitcoin donations.

The global interest in Bitcoin is evident from the recent $2.7 billion inflow into cryptocurrency, with a significant portion directed towards Bitcoin.

Factors such as the approval of spot Bitcoin ETFs and the anticipation of the halving event have contributed to this trend.

Despite price surges, there’s a notable interest in short Bitcoin positions, indicating a cautious approach by some investors.

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