El Salvador's bitcoin reserves now exceed $150 million, signaling a $50 million gain.
The country began accepting #bitcoin as legal tender in 2022, significantly increasing its holdings of the digital currency.
President Naïve Bouquere's strategy is to buy 1 #BTC every day, and he currently owns approximately 2,380 BTC worth US$164.7 million.
El Salvador has embarked on the bitcoin path, showing a significant increase in the value of its bitcoin reserves. Led by the renowned Naib Bukele, this Central American country has seen its bitcoin reserves grow to over US$160 million. Monitoring resources such as BitcoinTreasuries indicate that it is worth US$50 million. Who's laughing now?
El Salvador made headlines when it adopted bitcoin as legal tender in 2022. The decision to integrate bitcoin into the national economy was received with skepticism, but it has since become an unexpected success story. Since Bouquere ordered the purchase of one bitcoin each day, El Salvador's treasury has accumulated about 2,380 bitcoins worth an estimated $158.5 million. The rapid rise in bitcoin prices, which reached an all-time high on March 5, pushed the country's funds 53% higher than its total investment to US$164.7 million. They reached $164.7 million, exceeding total investment by 53%. Each bitcoin was bought at an average price of US$BTC Naib Bukele, who was recently re-elected in February, spoke out several times about media reports on El Salvador's bitcoin strategy. He pointed to the contrast in media coverage, noting that critics and analysts were silent when bitcoin started gaining momentum in El Salvador. Bouchere's criticism reflects his disregard for the negative coverage associated with the initial losses when the bitcoin price was low. Despite the fluctuations, El Salvador's main source of bitcoin remains a citizenship program, and Bouchere reiterated the country's stance of not selling bitcoin assets.
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