Fun

El Salvador’s Bitcoin treasury is now $85M in profit amid BTC rally

News Feed - 2024-03-12 12:03:02

Martin Young5 hours agoEl Salvador’s Bitcoin treasury is now $85M in profit amid BTC rallyThe Central American nation’s Bitcoin stash is now worth more than $200 million, and recent government initiatives have been adding even more.3121 Total views28 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksPresident Nayib Bukele’s Bitcoin buying strategy has been paying off for El Salvador, which is now making 70% on the dollar cost average purchase price, following a recent Bitcoin rally. 


El Salvador’s crypto treasury is now $85 million in profit, according to the Nayib Tracker website, with Bitcoin prices hitting a new all-time high above $72,000 on March 11.


The Central American nation began buying BTC in September 2021 when it made the asset legal tender in the country. At the time of that first 200-coin purchase, Bitcoin was trading for $51,769.


Bukele’s strategy had been called into question, however, after Bitcoin fell from a peak of $69,000 in November 2021 and then tanked to as low as $16,000 in the bear market that followed, plunging the portfolio deep into the red.


However, it broke even again when BTC prices crossed the dollar cost average of $42,600 in February and has now surged into profit.


The entire portfolio, which contains 2,861 BTC, is currently worth $207.3 million.El Salvador’s Bitcoin purchases. Source: nayibtracker.com


On March 12, President Bukele commented that in addition to the profit, there was also Bitcoin revenue from the country’s passport program, revenue from converting BTC to USD for local businesses, revenue from BTC mining, and revenue from government services.


In December, El Salvador approved a migration law granting expedited citizenship to foreigners who make Bitcoin donations toward government social and economic development programs.


Months earlier in October, the nation launched its first Bitcoin mining pool with a partnership between Volcano Energy and Luxor Technology.


Related:El Salvador Bitcoin holdings hit record $164M as BTC profits pass $50M


If Bitcoin reaches $100,000, El Salvador may even be able to pay off loans owed to the International Monetary Fund (IMF), and it is believed that the nation will soon be financially independent, according to venture capitalist Tim Draper.


Bukele was recently re-elected in a landslide Presidential election victory in February. He has also lashed out at the media stating “When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses.”


Magazine:Should you ‘orange pill’ children? The case for Bitcoin kids books# Bitcoin# Adoption# El SalvadorAdd reactionAdd reaction

News Feed

William Suberg41 minutes agoEnd of ‘Uptober’ targets $40K BTC price — 5 things to know in Bitcoin this weekBitcoin holds higher BTC price levels into what looks to be a crunch week for crypto markets across the boa
Circle Starts Moving USDC Reserves Into a Blackrock-Managed Fund, Firm Expects to Be ‘Fully Transitioned’ Next Year
Circle Starts Moving USDC Reserves Into a Blackrock-Managed Fund, Firm Expects to Be "Fully Transitioned" Next Year According to the crypto firm Circle Internet Financial, the comp
Over 80% of African Users on Mineplex Reportedly Interested in Buying Goods With Staked Crypto
Over 80% of African Users on Mineplex Reportedly Interested in Buying Goods With Staked Crypto A report says over 80% of African users on the Mineplex marketplace have shown an int
Dubai-Headquartered Crypto Exchange MaskEX Launches Virtual Card for Worldwide Spending and Welcomes Ben Caselin as Vice President to Drive Global Expansion Effort
Dubai-Headquartered Crypto Exchange MaskEX Launches Virtual Card for Worldwide Spending and Welcomes Ben Caselin as Vice President to Drive Global Expansion Effort press release PRE
MetaWars Launches Strong, Now Looking to the Future
MetaWars Launches Strong, Now Looking to the Future press release PRESS RELEASE. MetaWars, a space-themed play-to-earn blockchain game utilising high-tech NFTs, is looking forward t
Huobi Co-Founder: We’re at Early Stage of Bitcoin Bear Market, Next Bull Run Expected in 2024
Huobi Co-Founder: We"re at Early Stage of Bitcoin Bear Market, Next Bull Run Expected in 2024 The co-founder of crypto exchange Huobi has shared his view about the current state of
Swiss Regulator Urges Financial Watchdogs to Protect Crypto Investors
Swiss Regulator Urges Financial Watchdogs to Protect Crypto Investors Crypto trading is increasingly similar to the U.S. stock market of the late 1920s, the head of the Swiss finan
Ethereum Indicator Flashes Buy Signal On The Weekly Chart – Potential For A Rebound?
Este artículo también está disponible en español. Ethereum has been struggling below the $2,800 mark for weeks, unable to reclaim it as support and spark a recovery rally
Bitcoin Pulls Away From Stock Market as Price Staying Above $8,000 Signals Strength – Bloomberg Analyst
Bitcoin Pulls Away From Stock Market as Price Staying Above $8,000 Signals Strength - Bloomberg AnalystBitcoin (BTC) staying above $8,000 is a sign of increasing momentum and detach
Spot Dogecoin ETF Gains SEC Traction—Is A Price Surge Next?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Demand for Crypto Soars: Bitcoin Funds Break Records, Goldman Sachs Wants In
Demand for Crypto Soars: Bitcoin Funds Break Records, Goldman Sachs Wants In Investors are increasingly seeking exposure to bitcoin following the recent months-l
“Time To Get Ready For Another Bull Run,” Bitcoin Analyst Says— Here’s Why
Este artículo también está disponible en español. An analyst has explained why it could be the time to get ready for a new Bitcoin bull run, based on the pattern developi