El Salvador Reaps Massive Bitcoin Gains Amid Market Rally
08.12.2024 21:00 1 min. read Alexander Stefanov
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.
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