2024-12-09
El Salvador's President Nayib Bukele has announced that the country's Bitcoin investments have yielded significant unrealized profits.
As of December 5, 2024, the nation's
Bitcoin portfolio was valued at approximately $603 million, reflecting a 117% gain
worth $333 million.
The country initially invested $269.7 million in Bitcoin since the initial investment began in 2021.
This substantial increase in value
coincides with Bitcoin surpassing the $100,000 mark, a milestone influenced by
recent political developments, including President-elect Donald Trump's
intention to appoint a crypto-friendly head to the Securities and Exchange
Commission.
Despite the impressive gains, President
Bukele has stated that there are no plans to sell the Bitcoin holdings,
emphasizing a long-term strategy.
However, domestic adoption of Bitcoin
remains limited, with studies indicating that a significant portion of the
Salvadoran population has not utilized the cryptocurrency extensively.
President Nayib Bukele has been vocal
about the success of this investment strategy, despite facing criticism and
skepticism from international financial organizations like the IMF.
The government continues to pursue its
Bitcoin strategy, including plans for a Bitcoin City and mining projects
powered by geothermal energy.
