2024-02-29 17:09:09
As the price of bitcoin (currently: BTC Price ) races upwards, so does the value of the bitcoin wealth held by Salvador. The 2,848 bitcoins owned by the country are now worth almost 180 million dollars and the profit on the coins is already 60 million dollars is above. The country started the process in 2021, when bitcoin was recognized as legal tender in the country.
Salvador’s BTC journey has not been easy so far
Salvador’s commitment to bitcoin has been constantly questioned, especially during the bear market of the past year. Many even questioned the country’s financial stability. One year after the so-called “Bitcoin experiment” initiative, Salvador was already in a loss of nearly 60 million dollars with his investment. Despite this, the head of state, Nayib Bukele, stood by bitcoin throughout. This persistence and showdown with the country’s gangs seems to be paying off for him, as he received 85% of the vote from the voters in the last election. Bukele is very supportive of cryptocurrencies and the crypto community, most recently at the end of last year he called on everyone to support his development programs in the country in bitcoin.
Because the number of foreigners and immigrants in the small Central American country is constantly increasing. In a place from which basically everyone tried to escape for decades. However, from 2021 until now, Salvador’s path was certainly not without pitfalls. However, it is now clear that the BTC experiment is paying off for the country. More and more countries are considering a similar move, especially in the South and Central American region. Recently, the focus is mostly on Argentina, where contracts can now be settled in bitcoin. But if someone is not even thinking about introducing it as legal tender, then the BTC profit generated by Salvador can also be a good attraction.
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