Source: cryptoslate
Compiled by: Blockchain Knight
El Salvador’s President Nayib Bukele revealed that the country gained about $265 million after adopting BTC as a reserve asset and legal tender.
Bukele shared that El Salvador has invested $135 million in BTC, which has since grown to $400 million in public wallets alone.
According to Bukele, Salvadorans who accept BTC have also made significant gains due to the appreciation of BTC this year.
“El Salvador invested $135 million. Now we have $400 million in BTC in public wallets alone. We are doing a good job as a government. Salvadorans who are using and saving BTC are also doing a good job for obvious reasons like the price increase.”
In fact, thanks to strategic purchases during the market downturn, Salvador’s BTC holdings have generated more than 38% profit. According to Nayibtracker data, Salvador holds 5,856 BTC with unrealized profits of more than $50 million.
In addition to economic gains, BTC adoption has also enhanced financial inclusion for many Salvadorans.
Bukele noted: “Many Salvadorans use BTC; most large businesses in the country have BTC. You can go to McDonald’s, a supermarket, or a hotel and pay with BTC.”
Bukele stressed that the adoption of BTC will only bring positive effects to the country, while also acknowledging the growing importance of BTC in the global financial system.
“BTC has not brought any negative impact. On the contrary, it has brought us a series of additional benefits such as brand, investment, and tourism.”
Bukele pointed out El Salvador’s first-mover advantage in getting exposure to BTC. The fact that major financial institutions were paying attention to BTC was almost nonexistent three years ago, which also highlights the growing influence of BTC.
Bukele also mentioned that some countries are now holding BTC reserves or investing in BTC and mining, adding that BTC is becoming a debate topic in the US presidential campaign.
“Now, BTC has become the world’s largest fund, and BlackRock has the largest BTC ETF.”
Despite the progress, Bukele admitted that BTC adoption in El Salvador has not yet reached the level he would like.
However, he remains optimistic about BTC’s future potential. Bukele said: “I wouldn’t say it’s the currency of the future, but it has great potential for development.”
In addition to this, Bukele is featured on the cover of Time magazine’s latest issue.
"Time" magazine wrote in its article "How Bukele's 'Iron Fist' Changed El Salvador" that Bukele significantly changed the country's situation through his "iron fist" policy.
After Bukele took office, he took a series of tough measures to combat crime, especially targeting gangs, which led to a significant drop in violent crime rates.
However, these measures have also sparked controversy over human rights and the rule of law, with critics arguing that the government's measures are too harsh. Although Bukele's policies have brought short-term security improvements, the long-term effects and overall impact on society remain to be seen.
The article states that Bukele has engaged in a series of "gambling behaviors" that have not been welcomed by many foreign investors and creditors, including adopting BTC as legal tender and investing part of the national reserves in this Crypto asset. The article also calls his "BTC gambling" a stumbling block.
