El Salvador President Nayib Bukele - who previously defied public opinion to 'buy the bottom' of Bitcoin when the currency fell to $29,000 - had the opportunity to 'show off' to the whole world.
Thanks to changes in the US government's personnel apparatus under Donald Trump as well as record money pouring into the US Bitcoin ETF, the world's most valuable cryptocurrency Bitcoin has been continuously increasing in price, approaching the $100,000 mark. Investors are placing strong faith in a "golden era" of cryptocurrencies, while expectations of the establishment of a national strategic Bitcoin reserve and a more favorable legal environment boost market sentiment.
El Salvadoran President Nayib Bukele - who previously defied public opinion to 'buy the bottom' of Bitcoin when the currency fell to $29,000 - had the opportunity to 'show off' to the world. He recently posted, showing off the 'huge' profits he had after many times of 'buying the bottom' without fear. It is easy to see that the value of his account has doubled.
One of the strategies adopted by El Salvador is to average the price, buying 1 BTC per day, starting in November 2022. The recent Bitcoin plunge was an opportunity for the country to lower the average purchase price.
Experts believe the South American country’s digital assets may be larger than what’s in its public wallets, as it has harnessed volcanic heat to mine Bitcoin over the past few years. According to the country’s treasury website, El Salvador holds a total of 5,748.8 Bitcoin as of September 2024.
On X on December 11, El Salvador President Nayib Bukele wrote: “I told you so” as a way to respond to previous cryptocurrency ‘anti’s. Mr. Bukele himself has repeatedly taken to social media to refute critics of the country’s Bitcoin-based economic reform strategy.
Previously, on September 7, 2021, El Salvador enacted a Bitcoin law, becoming the first country in the world to accept cryptocurrency as a legal transaction currency. El Salvador President Nayib Bukele then announced the project to establish a Bitcoin city, located in the Conchagua volcano, launched the Chivo Wallet digital wallet and built a series of Bitcoin ATMs.
This move at that time received a lot of controversy, and at the same time made the International Monetary Fund (IMF) worried. They emphasized that the overuse of digital currency would inadvertently create risks for the financial system, people, as well as their credits.
“I see a lot of people are worried about the decline of Bitcoin. My advice is to stop looking at the market charts and enjoy the ride. If you invest in Bitcoin, rest assured that your investment is safe. It will soon increase again after the market recovers,” Nayib Bukele shared on his personal Twitter page in 2022. He believes that legalizing Bitcoin will improve the economic situation of El Salvador and help millions of people who do not have bank accounts to participate in financial investments.
Theo: CNBC
Information about cryptocurrency, commonly known as "virtual currency", is not legally recognized in Vietnam. The information in this article is for reference only and does not constitute investment advice.