El Salvador’s President Nayib Bukele is celebrating a major victory as his bet on bitcoin pays off. The value of the cryptocurrency surpassed $100,000 for the first time, and the government’s reported investment now stands at over $600 million.
Just two years ago, bitcoin was trading below $17,000. However, after making bitcoin legal tender in 2021, Bukele promised it would bring new opportunities to El Salvador’s unbanked population and cut out money transfer services from remittances sent by Salvadorans abroad.
While many citizens signed up for digital wallets and received a $30 Bitcoin bonus, they quickly cashed out. The government’s investment was supposed to stimulate economic growth, but its impact has been limited due to volatility in the cryptocurrency market.
Bukele blames his political opponents for the lack of success, claiming that their protests against the use of bitcoin hindered its adoption. Nevertheless, the president’s gamble on bitcoin has proven profitable, and he is now basking in the glory of his triumph.
Source: https://www.scmp.com/news/world/americas/article/3289583/el-salvadors-president-nayib-bukele-triumphant-after-his-bet-bitcoin-comes-true