El Salvador’s President Nayib Bukele is celebrating a significant win after his country’s bitcoin bet paid off. The president, a vocal supporter of the cryptocurrency, took to social media to share the value of the government’s bitcoin holdings, which surpassed $600,000. According to data from Arkham Intelligence, El Salvador owns slightly less than 6,000 bitcoins and made an unrealised profit of $333 million on its initial investment of $269 million.
The move has impressed many, including billionaire Elon Musk, who commented “Impressive”. Other users praised Mr Bukele for taking the bet when not many were in favour of the digital currency. However, some critics pointed out that ordinary Salvadorians missed out on the ‘bitcoin train’ due to opposition party policies.
Mr Bukele has blamed the opposition party for causing this outcome and highlighted the potential benefits for El Salvador in the long run. The president’s move comes after bitcoin witnessed a 45 per cent rise in its value following Donald Trump’s pro-crypto stance during his US presidential election campaign.
Source: https://www.ndtv.com/feature/el-salvador-president-flexes-countrys-portfolio-after-bitcoin-crosses-100-000-internet-reacts-7183895