El Salvador’s Bitcoin Profit Surpasses $119M

As Bitcoin continues to experience an unprecedented surge, El Salvador, a Central American country, is among the major beneficiaries of the price uptick as profits from its Bitcoin stash have appreciated extensively.

The nation’s Bitcoin investment has surpassed a staggering $119 million in profit. According to data from Nayib Bukele’s portfolio tracker, the value of El Salvador’s holdings has skyrocketed, rising by over 90% at BTC’s current value above the $84,000 mark. The nation currently holds 6153 BTC purchased at an average price of $44,313.

El Salvador Bitcoin Adventure 

Despite severe criticism, El Salvador, under President Nayib Bukele’s administration, became the first country to adopt Bitcoin as a legal tender in 2021. The country continued its Bitcoin venture by adopting a daily Bitcoin buying plan in November 18, 2022, when President Bukele promised to buy one BTC every day, independent of market swings. 

Since then, the Salvadoran government has accumulated BTC through regular purchases, which has netted the country significant gains as the premier asset continues to achieve new heights following the U.S. presidential election. 

Moreover, the Central American nation has promoted numerous BTC-focused initiatives, driving the nation’s economic growth and development. Among them is the planned “Bitcoin City,” a tax-free zone powered by geothermal energy from the Conchagua volcano, intended to foster Bitcoin-driven economic development. 

New Heights 

The surge in El Salvador’s portfolio profit came following Bitcoin’s continuous surge after Donald Trump’s victory in the U.S. presidential election. 

Trump, who is viewed as a more crypto-friendly candidate as opposed to Kamala Harris, made several bullish statements and ventures ahead of the election. He even declared himself the crypto president and vowed to establish a strategic Bitcoin Reserve for the U.S.

Analysts predict that BTC could witness a further surge on Trump’s win with a price target of $100,000 this month. However, market expert Ki Young Ju predicts that the leading cryptocurrency might end the year at a price below its current value. 

At press time, BTC surged over 5% to hit a new peak of $84,782.