Blakely’s Bitcoin Investment Strategy
In September 2021, when the Central American country officially accepted Bitcoin, President Nayib Bukele launched a Bitcoin buying strategy.
During the initial purchase of 200 Bitcoins, Bitcoin was trading at $51,769.
However, the strategy faced criticism when Bitcoin fell from a peak of $69,000 in November 2021, plummeting to $16,000 in the ensuing bear market and sending the portfolio into deep losses.
Despite the initial setback, when BTC prices surpassed USD cost averaging of $42,600 in February, the portfolio rebounded, delivering handsome profits.
Currently, the portfolio contains 2,861 BTC worth $207.3 million.
President Bukele emphasized that Bitcoin brings profits beyond investment returns.
El Salvador also generates revenue through the country’s passport program, local businesses converting Bitcoin to U.S. dollars, Bitcoin mining activities, and various government services.
In December, El Salvador enacted an immigration law offering fast-track citizenship to foreigners who donate Bitcoin to support government social and economic development programs.
Additionally, the country forayed into Bitcoin mining in October through a partnership between Volcano Energy and Luxor Technology, establishing its first Bitcoin mining pool.
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