El Salvador’s Bitcoin Gain Passed $333 million
Salvadoran President Nayib Bukele took to social media to draw attention to the nation’s unrealized profits from its Bitcoin following the cryptocurrency’s first-ever $100,000 surge.
The cryptocurrency community celebrated when Bitcoin hit $100,000 for the first time this month. Bukele was asked to share El Salvador’s Bitcoin portfolio.
In response, Bukele posted on X the amount of Bitcoin held by the nation. His most recent report showed the nation has spent almost $270 million on Bitcoin since it first adopted the cryptocurrency.
The unrealized gains totaled over $333 million, and no Bitcoin has been sold. Bitcoin was first accepted as legal tender in El Salvador.
El Salvador had been on a Bitcoin buying spree ever since Bukele committed to purchasing one Bitcoin every day on the 17th of 2022, announcing a dollar-cost averaging (DCA) strategy.
According to the website Nayib Tracker, which tracks the nation’s Bitcoin holdings, El Salvador has 6,180 BTC.
The average price to buy Bitcoin is $44,740, which indicates that the nation has experienced a 122 percent increase in market prices.
El Salvador has reported additional advantages since embracing Bitcoin in addition to BTC profit. The nation’s adoption of Bitcoin increased travel as well.
The International Monetary Fund (IMF) has continuously urged El Salvador to reevaluate its Bitcoin policies, notwithstanding the nation’s alleged success.
The IMF acknowledged the potential for greater financial inclusion but requested that El Salvador cease accepting Bitcoin as legal tender on May 25, 2022, citing threats to financial stability
El Salvador was once again urged by the IMF to relax its Bitcoin regulations. Julie Kozack, IMF’s director of communications, suggested reducing the country’s Bitcoin Law’s reach and limiting the public sector’s exposure to the cryptocurrency.
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