El Salvador President Nayib Bukele is celebrating the country’s gamble on Bitcoin paying off after it surpassed the $100,000 milestone. In 2021, the nation gave cryptocurrency legal tender status and established a treasury holding nearly 6,000 BTC. This has generated a staggering 123.67% return on its $269.7 million investment.
The national crypto holdings, revealed by President Bukele on social media, show an unrealized profit of $333.6 million. Billionaire Elon Musk called the achievement “impressive,” while others hailed it as “legendary.” However, since reaching its all-time high price of $103,679, Bitcoin has retreated to around the $98,000 level.
El Salvador’s stash now stands at a still remarkable $556.4 million. The country has been buying one BTC each day since 2022, amassing 5,942 BTC. President Bukele aims to add more until Bitcoin becomes “unaffordable with fiat currencies.”
Not all Salvadorians are reaping the rewards, as some cashed out a $30 BTC bonus offered by the government when digital wallets were introduced. Critics argue that profits remain unrealized until the Bitcoin is sold.
President Bukele blames his political opponents for discouraging citizens from embracing crypto, claiming it deprived them of significant financial gains. A recent report by Associated Press revealed that many Salvadorians opted for immediate cash over potential long-term gains.
Bitcoin’s recent surge has been influenced by global events, including Donald Trump’s election victory and the selection of a pro-crypto advocate as the next Securities and Exchange Commission chair.
Source: https://cryptopotato.com/el-salvador-president-showcases-national-portfolio-as-bitcoin-tapped-100k