El Salvador’s Bitcoin Gains Surpass $333M Amid Bitcoin Rally
The post El Salvador’s Bitcoin Gains Surpass $333M Amid Bitcoin Rally appeared on BitcoinEthereumNews.com.
Bukele reacted by publishing the nation’s Bitcoin assets on X. Unrealized profits have surpassed $333M, and the portfolio reflects that no Bitcoin has been sold. As Bitcoin hit $100,000 for the first time on December 5th, Salvadoran President Nayib Bukele took to social media to promote the country’s unrealized gains from its investments in the cryptocurrency. Moreover, as the cryptocurrency hit $100,000 for the first time ever on December 5th, the crypto community celebrated. Autism Capital, an X-based crypto account, requested that Bukele “dunk on the haters” by sharing El Salvador’s Bitcoin holdings on the same day. Bukele reacted by publishing the nation’s Bitcoin assets on X. Banking on Bitcoin According to Bukele’s most recent report, the nation has invested approximately $270 million in Bitcoin since its first acceptance. Unrealized profits have surpassed $333 million, and the portfolio reflects that no Bitcoin has been sold. The use of Bitcoin as legal money was pioneered by El Salvador. El Salvador’s Bitcoin Law went into force on September 7, 2021, formally recognizing BTC as a legal currency for financial transactions inside the nation. There was a simultaneous acquisition of 200 BTC by the government on September 6th. Even after that, El Salvador has been buying Bitcoin. In an announcement made on November 17, 2022, Bukele committed to purchasing one Bitcoin everyday as part of a dollar-cost averaging (DCA) plan. El Salvador now has 6,180 BTC, according to Nayib Tracker, a portal that tracks the country’s Bitcoin assets. Based on current market pricing, the nation has seen a 122% increase, as the tracker predicts that the average purchase price of a Bitcoin is $44,739.88. El Salvador has seen many advantages since embracing Bitcoin, in addition to the wealth it has generated. Tourists flocked to the nation after its decision to accept Bitcoin. Highlighted…
Filed under: News - @ December 9, 2024 4:27 am