El Salvador has seen its Bitcoin holdings surpass $60 million USD amid the recent surge in cryptocurrency prices.
With a possession of 2,848 Bitcoins, the country has capitalized on the upward momentum of Bitcoin, which recently crossed the $61,000 USD mark. This marks an 8.42% increase in the last 24 hours and an impressive 18.60% rise over the past week.
El Salvador’s Wealth Grows Amidst Bitcoin Price Surge
In 2021, El Salvador made headlines by initiating Bitcoin purchases and becoming the first country to recognize Bitcoin as legal tender.
Following the cryptocurrency market crash that led to the downfall of various crypto firms, including the November 2022 collapse of the FTX exchange, there were concerns about the nation’s financial stability. Reports suggest that one year into its Bitcoin experiment, El Salvador faced a loss of $60 million.
On February 5, Nayib Bukele claimed victory in El Salvador’s national election, securing over 85% of the votes in a landslide win.
Bukele is an outspoken advocate for Bitcoin and has gained significant popularity both domestically and within the global crypto industry. His firm support for Bitcoin has attracted attention worldwide, as he consistently promotes El Salvador’s favorable stance on the cryptocurrency to international audiences.
Related: Bitcoin Surges 12% to $64,000, Triggering Coinbase Incident
On December 25, El Salvador’s government extended an open invitation to foreigners interested in contributing Bitcoin donations to its development programs. This move follows the country’s earlier report of a steady increase in the number of foreign residents relocating to El Salvador, particularly to beach communities.
In December 2023, El Salvador’s National Bitcoin Office (ONBTC) announced that the Volcano Bond had received regulatory approval from the Digital Assets Commission (CNAD).
