Home Coin news El Salvador Bitcoin Holdings Hit Record $164 Million

El Salvador Bitcoin Holdings Hit Record $164 Million

07 Mar, 2024 Coin news

El Salvador Bitcoin Holdings Hit Record $164 Million

El Salvador's government now possesses Bitcoin valued at over $150 million.

BitcoinTreasuries, a tracking platform, has calculated that the value of El Salvador's Bitcoin assets has increased by $50 million more than their initial purchase price.

The country embraced Bitcoin as official currency in 2022, leading to a significant increase in the value of its Bitcoin reserves from a low market period to unprecedented wealth.

Following President Nayib Bukele's decision to buy 1 BTC daily, El Salvador has accumulated roughly 2,380 BTC, valued at $158.5 million.

On March 5, when Bitcoin reached its latest peak, the value of these holdings escalated to $164.7 million, which is 53% higher than the total purchase cost, with an average acquisition price of $44,300 per Bitcoin.

Bukele, who secured reelection in February, has been vocal on X about the criticism of his government's economic strategy by the mainstream media.

He highlighted, “When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses. Now that Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our citizenship program,” indicating no intention to sell and emphasizing the enduring value of Bitcoin regardless of market fluctuations.

El Salvador stands unique in its adoption of Bitcoin as a standard, despite speculation about other nations in South America and beyond potentially following its lead, though no confirmations have been made.

Samson Mow, from Jan3, which promotes broader Bitcoin adoption, believes that nation-states will be significant Bitcoin purchasers, alongside corporations and institutions through spot Bitcoin exchange-traded funds, as discussed on The Bitcoin Podcast.

Mow pointed out that as Bitcoin's value rises, there will be buyers indifferent to price changes, including retail investors buying in smaller amounts.

Sources:

https://cointelegraph.com/news/el-salvador-bitcoin-holdings-164m-btc-profits-50m

https://bitcointreasuries.net/entities/48

https://twitter.com/nayibbukele/status/1762867369217532125

https://twitter.com/lopp/status/1726379101290656087

https://twitter.com/WalkerAmerica/status/1762831083844805022

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