El Salvador Reaps Massive Bitcoin Gains Amid Market Rally

El Salvador’s Bitcoin journey has reached new heights, with President Nayib Bukele recently spotlighting the nation’s substantial unrealized profits after Bitcoin surged past $100,000.

Sharing the update on social media, Bukele revealed that the country’s holdings, acquired for nearly $270 million since adopting Bitcoin as legal tender, now boast unrealized gains exceeding $333 million.

https://t.co/QVvFbQ7woa pic.twitter.com/WiOAYg6Ztx

— Nayib Bukele (@nayibbukele) December 5, 2024

The cryptocurrency milestone comes more than two years after El Salvador became the first nation to make Bitcoin a recognized currency through its Bitcoin Law on September 7, 2021. Since purchasing its initial 200 BTC a day before the law’s enactment, the government has continued its acquisition strategy.

In November 2022, Bukele announced a commitment to buy one Bitcoin daily using a dollar-cost averaging (DCA) method. Today, the country’s holdings stand at 6,180 BTC, acquired at an average price of $44,739 per coin, reflecting a 122% increase based on current market valuations.

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Beyond financial gains, Bitcoin adoption has reportedly boosted El Salvador’s tourism sector. However, this bold embrace of cryptocurrency has not come without pushback. The International Monetary Fund (IMF) has repeatedly urged the country to reconsider its Bitcoin policies, citing risks to economic stability.

Despite these warnings, Bukele’s government remains steadfast in its support of Bitcoin, a stance further underscored by the latest milestone in the cryptocurrency’s price rally.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.