El Salvador’s potential $3 trillion gold discovery has sparked debates over mining bans, sustainability, and the possibility of increased bitcoin investments, potentially reshaping the nation’s future.

El Salvador’s $3T Gold Discovery Sparks Calls to Monetize Gold for Bitcoin
Salvadoran President Nayib Bukele has highlighted the potential of El Salvador’s untapped gold reserves, estimating their value to reach over $3 trillion if fully explored. Posting on social media platform X last week, Bukele underscored how responsible mining could revolutionize the nation’s economy. He envisions the proceeds funding critical projects, including job creation, infrastructure improvements, and overall economic advancement. Bukele has proposed repealing the country’s 2017 ban on metallic mining, describing the restriction as a barrier to leveraging the country’s vast natural wealth.

The Salvadoran president referenced studies suggesting that only 4% of the nation’s mining areas have been explored, uncovering an estimated 50 million ounces of gold valued at $131 billion—approximately 380% of El Salvador’s GDP. He believes full exploration could elevate the reserves’ value to over $3 trillion, or 8,800% of GDP. He said:
We’ve also found gallium, tantalum, tin, and many other materials needed for the 4th and 5th industrial revolution.
He attributed the country’s mineral abundance to its location within the Pacific Ring of Fire, known for volcanic activity and rich deposits. While proponents laud the discovery as transformative, critics warn of potential environmental degradation. Bukele highlighted the potential for sustainable mining to balance economic benefits with environmental protection, but some question whether El Salvador actually possesses such significant gold reserves.
El Salvador’s unique stance as the first country to adopt bitcoin as legal tender adds a cryptocurrency-focused dimension to the gold discovery. Pierre Rochard, vice president of research at Riot Platforms, noted:
El Salvador discovered $trillions of gold deposits that when mined will massively dilute the above-ground supply of gold. This can’t happen with bitcoin because the code is open source.
Bukele echoed this sentiment, stating: “We’ll dilute that thing like there’s no tomorrow.”
Max Keiser, a prominent bitcoin advocate, proposed monetizing the gold reserves to invest in bitcoin, aligning with Bukele’s vision. He suggested selling convertible preferred shares to fund large-scale bitcoin purchases, arguing that the cryptocurrency’s growing dominance over gold makes it a more valuable long-term asset. He shared on X: “El Salvador should monetize this $3 trillion in gold by selling a series of 0% convertible preferreds (a la Saylor) and buy as much bitcoin as possible under $200,000. As bitcoin continues to demonetize gold at a rapid pace, the actual value of the gold is really closer to 1/10th of current estimates, but still, $300 billion in bitcoin now is better than a wasting asset like gold in the future.”

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1. Bukele Celebrates Big Win as Bitcoin Surges 🌟
El Salvador’s President Nayib Bukele is celebrating a major victory as his gamble on Bitcoin pays off. Bitcoin recently hit a historic milestone, surpassing US$100,000 for the first time. This comes after years of fluctuating market conditions, and Bukele’s decision to adopt Bitcoin as legal tender in 2021 is looking more successful than ever.
While Bitcoin’s adoption in El Salvador was met with mixed reactions, the government’s reported investment in the cryptocurrency is now worth over US$600 million, signaling a big financial win for the Central American nation.
2. Bitcoin Soars, Thanks to Trump’s Election Impact 🏆
The cryptocurrency’s surge follows a wave of optimism tied to Donald Trump’s election victory. Bitcoin broke through the US$100,000 mark on Wednesday night, just hours after Trump announced his plans to nominate Paul Atkins, a crypto advocate, for the role of SEC chair. This unexpected rally has left many analysts and investors buzzing.
Just two years ago, Bitcoin’s price had plummeted below US$17,000, showing just how volatile the market can be. By Thursday afternoon, it dipped just below US$100,000, but by Friday afternoon, it climbed back up to US$101,000. 🌍📈
3. Bukele Blames Political Opposition for Missed Opportunities ⚖️
Despite the impressive gains, President Bukele has pointed fingers at his political opposition for discouraging the public from fully embracing Bitcoin. Back in 2021, when the law was passed making Bitcoin legal tender, protests erupted across the country. Many Salvadorans were skeptical of the new cryptocurrency, fearing its instability.
In a Facebook post, Bukele argued that the opposition’s actions cost many Salvadorans a chance to benefit from Bitcoin’s explosive growth. He emphasized that their resistance not only hindered the country's progress but also harmed ordinary citizens who could have gained from the cryptocurrency boom.
4. Mixed Reactions on the Ground: Some Winners, Many Losers 👥
While the government’s Bitcoin holdings have soared, the average Salvadoran remains disconnected from the digital currency. Many who signed up for the government’s US$30 Bitcoin giveaway in 2021 quickly cashed out, skeptical of the cryptocurrency’s long-term value.
Esteban Escamilla, a shop worker in Santa Tecla, admitted he cashed out his initial Bitcoin earnings. “I don’t use Bitcoin because I don’t have money to invest, but I know it’s gone up a lot,” he shared. However, he recognizes that he could have had more money now if he had held on to his Bitcoin.
Likewise, Josefa Torres, a 45-year-old Salvadoran, used her Bitcoin payout for daily expenses. “I took out the money and spent it on groceries,” she said. For many, Bitcoin has yet to provide the financial breakthrough Bukele promised.
5. Experts Weigh In: Gains Are Real, but Risks Remain ⚠️
While Bukele is celebrating his Bitcoin win, experts are cautioning against overconfidence. Carlos Acevedo, former President of El Salvador’s Central Bank, acknowledged the gains but pointed out that the government’s Bitcoin profits are still unrealized until the Bitcoin is actually sold.
Acevedo also suggested that the ongoing Bitcoin rally is partly driven by market optimism surrounding Trump’s potential presidency, which could result in friendlier policies for the crypto market. However, he warned that Bitcoin’s volatilityremains a major risk. “The average Salvadoran doesn’t use Bitcoin, but there are some who already invested in it,” Acevedo noted, referring to the small group of economically privileged Salvadorans who are invested in crypto.
6. IMF’s Warning: Transparency and Stability Needed 📉
The International Monetary Fund (IMF) also raised concerns in a statement from August 2024, acknowledging the risks of El Salvador’s Bitcoin strategy. While the IMF admitted that the worst risks have yet to materialize, it urged the government to increase transparency and mitigate financial risks associated with Bitcoin.
The IMF has been cautious about the country’s embrace of the digital currency, especially given its potential to impact fiscal and financial stability. The coming months will likely reveal whether El Salvador's Bitcoin experiment can continue without significant economic setbacks.
7. Conclusion: Is Bitcoin’s Future Bright for El Salvador? 🌞
El Salvador's bold move to adopt Bitcoin is now paying dividends, but it’s clear that the journey is far from over. With Bitcoin’s unpredictable price swings and ongoing political tension, the nation must tread carefully to ensure the long-term success of its cryptocurrency strategy. As the market fluctuates, El Salvador’s future with Bitcoin will be shaped by both global trends and local reactions.
For now, however, President Bukele can enjoy the sweet taste of victory 🍾.

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A potential discovery of gold in El Salvador, valued at up to $3 trillion, has sparked debates about lifting mining bans, ensuring sustainability, and the possibility of increased investments in bitcoin. This discovery could significantly reshape the nation’s economic trajectory.
Mining Ban and Calls for Its Repeal
El Salvador's President Nayib Bukele has highlighted the enormous potential of the country’s untapped gold reserves, estimated to be worth over $3 trillion. Bukele stated that if these reserves are fully explored and responsibly mined, they could finance critical projects such as job creation, infrastructure development, and economic advancement.
He proposed lifting the 2017 ban on metal mining in the country, calling it a barrier to utilizing the nation’s natural wealth. So far, only 4% of the mining areas have been explored, revealing an estimated 50 million ounces of gold valued at $131 billion, equivalent to around 380% of El Salvador's GDP. Bukele believes that full exploration could increase the reserves’ value to over $3 trillion, approximately 8,800% of the nation’s GDP.

El Salvador: Natural Wealth and Environmental Challenges
Bukele also emphasized that El Salvador’s location within the Pacific Ring of Fire gives it access to rich deposits of minerals, including gold, gallium, tantalum, and tin—essential materials for future industrial revolutions.
While some see this discovery as an economic opportunity, critics warn of potential environmental degradation. Bukele assures that mining will be conducted sustainably, though skepticism about the actual size of the gold reserves remains.
Impact on Bitcoin and Cryptocurrency Investments
As the first country in the world to adopt bitcoin as legal tender, El Salvador faces an intriguing dilemma. Pierre Rochard, Vice President of Research at Riot Platforms, pointed out that gold mining could significantly dilute above-ground gold reserves. Bitcoin, unlike gold, cannot be "diluted" due to its fixed supply.
President Bukele humorously remarked, "We’ll dilute that thing like there’s no tomorrow."
Prominent bitcoin advocate Max Keiser proposed monetizing the gold reserves and converting them into bitcoin. He argued that bitcoin is a more valuable long-term asset than gold. Keiser suggested using part of the gold to make massive bitcoin purchases while its price remains below $200,000. “Gold is rapidly losing its value compared to bitcoin,” Keiser added.
A Key Question for the Future
El Salvador stands at a crossroads: whether and how to mine its gold reserves and how to allocate potential revenue. Will the gold be used for direct investments into the national economy, or will El Salvador focus on its vision of becoming a cryptocurrency leader? Time will tell if these strategic decisions will transform the nation into an economic powerhouse.

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🇸🇻  El Salvador made history by becoming the first country to adopt Bitcoin as legal tender, and they’ve been stacking sats ever since! 🚀💰

🔍 Current Bitcoin Holdings:

📊 Total BTC Held: 5,966
💰 Initial Investment: $270 million
📈 Current Value: Over $600 million (and growing)!
🔗 Source: Official Treasury Website 👉 bitcoin.gob.sv
El Salvador’s bold move into Bitcoin has not only boosted their national treasury but also set a benchmark for countries looking to adopt cryptocurrencies. 💎✨
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#ElSalvadors 's President Nayib Bukele has declared victory in his ambitious bet on Bitcoin as the cryptocurrency surged past an unprecedented $100,000 mark. Since adopting Bitcoin as legal tender in 2021, the Central American nation has witnessed its value skyrocket, with the government’s investment now reportedly exceeding $600 million. Despite initial public resistance and skepticism, Bukele’s vision appears to be paying off, though many Salvadorans missed out on the financial windfall.

Bitcoin’s meteoric rise was fueled by optimism following Donald Trump’s presidential election win last month, with his plans to nominate crypto advocate Paul Atkins as the next SEC chair sparking further confidence. Although Bitcoin briefly dipped below $100,000 after Wednesday’s rally, it regained momentum, crossing $101,000 by Friday afternoon. Critics of Bukele’s Bitcoin initiative, including political opposition, have been blamed for discouraging wider participation in the cryptocurrency’s adoption, leaving many citizens without a stake in the gains.

While some Salvadorans quickly cashed out the $30 Bitcoin incentive offered by the government for signing up for digital wallets, others held on and reaped significant returns. Former Central Bank President Carlos Acevedo acknowledged the unrealized gains from the government’s holdings, praising the administration for capitalizing on favorable market conditions driven by expectations of a pro-crypto U.S. administration. However, he warned that Bitcoin's notorious volatility remains a looming risk for the nation’s fiscal stability.

The IMF has also weighed in, urging greater transparency and risk mitigation measures to safeguard El Salvador’s financial stability amid its Bitcoin experiment. Although widespread usage of the cryptocurrency among average citizens remains limited, the bold move has positioned El Salvador at the forefront of the global crypto narrative. Bukele’s gamble has undeniably opened a new chapter for the nation’s economy, even as questions linger about its long-term implications.
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