El Salvador Surpasses $60 Million in Profits from Bitcoin Investments

With Bitcoin surging well beyond $60,000, El Salvador has reaped profits of up to $60 million from its Bitcoin holdings.

Azcnews

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.

Nayib Bukele Portfolio Tracker
Nayib Bukele Portfolio Tracker

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).

4.0/5

(6 votes)

Latest

Cz Sparks A Memecoin Explosion In The Bnb Ecosystem

News | Editor Choice

CZ Sparks a Memecoin Explosion in the BNB Ecosystem

Recently, CZ has been consistently mentioning memecoins, which has caused the community to experience extreme FOMO. This has led BNB to return to its golden days.

Azcnews Breaking Bitcoin Sees Minor Decline Amid Market Volatility

News | Bitcoin | Editor Choice

Bitcoin Sees Minor Decline Amid Market Volatility

Bitcoin experiences slight declines amid market volatility, but historical patterns suggest a potential rally toward $125,000 despite macroeconomic concerns.

Trade To Earn 300,000 Usd On Bingx

Airdrops | Editor Choice

Trade to Earn 300,000 USD on BingX

Join Trade to Earn on BingX to share in rewards of up to 300,000 USD!

Cz Considers Creating A Memecoin On Bnb Chain Inspired By Me

News | Editor Choice

CZ Considers Creating a Memecoin on BNB Chain

In response on X, former Binance CEO CZ is considering creating a memecoin inspired by his pet dog, which immediately sparked excitement in the community.

Azcnews Breaking Trump Appoints Former Bitfury Executive To Lead U.s. Banking Regulator

News | Editor Choice | Policy & Regulations

Trump Appoints Former Bitfury Executive to Lead U.S. Banking Regulator

Donald Trump nominates former Bitfury executive Jonathan Gould to lead the OCC, signaling a potential shift in banking regulation with a crypto-savvy leader.