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El Salvador’s Bitcoin Gain Passed $333 million
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.
#ElSalvadorCryptoWealth #bitcoin100k #cryptomarket #ElSalvadorBTC #CryptoNews
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.
#ElSalvadorCryptoWealth #bitcoin100k #cryptomarket #ElSalvadorBTC #CryptoNews
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.
#ElSalvadorCryptoWealth #bitcoin100k #cryptomarket #ElSalvadorBTC #CryptoNews
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.
#ElSalvadorCryptoWealth #bitcoin100k #cryptomarket #ElSalvadorBTC #CryptoNews
El Salvador's Pro-Bitcoin President Bukele Wins Second Term !
El Salvador’s pro-Bitcoin President Nayib Bukele has been sworn in for another five-year term after a landslide victory in February, generating excitement in the crypto industry.
Crypto commentator Cory Bates and media guru Pete Rizzo praised Bukele's positive stance on Bitcoin and his leadership.
Follow @KhannAmirr
#ElSalvadorBTC #Bitcoin❗ #NayibBukele #CryptoDawar
El Salvador’s pro-Bitcoin President Nayib Bukele has been sworn in for another five-year term after a landslide victory in February, generating excitement in the crypto industry.
Crypto commentator Cory Bates and media guru Pete Rizzo praised Bukele's positive stance on Bitcoin and his leadership.
Follow @KhannAmirr
#ElSalvadorBTC #Bitcoin❗ #NayibBukele #CryptoDawar
Bitcoin: El Salvador Team to Visit Argentina To Discuss BTC Plans
Argentina has elected a pro-Bitcoin (BTC) candidate, Javier Milei, in its Presidential elections. Several crypto enthusiasts, such as Michael Saylor and tech billionaire Elon Musk, congratulated Milei on his victory. Argentina now joins the ranks of El Salvador to have a pro-BTC leader at the helm of the country.
El Salvador President Nayib Bukele’s Bitcoin (BTC) advisor, Max Keiser, has revealed that a team will visit Argentina to discuss BTC plans with the new President. According to Keiser, the team will invite the new President to ‘dine at the Presidential Palace here in El Salvador and talk about Bitcoin.‘
El Salvador became the first country to recognize the original crypto as a legal tender. The nation also has plans to build a BTC mining facility powered by volcanos in the region. Moreover, the country aims to introduce BTC education in its schools by 2024.
Will Argentina accept Bitcoin as a legal tender?
Although Milei is pro-BTC, there is no confirmation of the crypto’s status in the nation’s future. One should note that Argentina is currently facing an economic crisis. Argentinians voted for Milei against Sergio Massa, the country’s economy minister. Citizens are most probably unimpressed by the handling of the economy.
Last week, analysts polled by Argentina’s central bank increased their estimate for annual inflation to 185%. The rise represents a 4.3% increase from last month’s 180.7% forecast. The country is battling one of the worst cases of inflation globally. Annual inflation hit 142.7% in October, rising 8.3% from the month before. While other countries are slowly witnessing a drop in inflation figures, Argentina continues to suffer.
Although there is no confirmation on whether Bitcoin (BTC) will play a role in reviving the nation’s economy, we might see some pro-BTC decisions made in parliament
#BTC #ElSalvadorBTC
Argentina has elected a pro-Bitcoin (BTC) candidate, Javier Milei, in its Presidential elections. Several crypto enthusiasts, such as Michael Saylor and tech billionaire Elon Musk, congratulated Milei on his victory. Argentina now joins the ranks of El Salvador to have a pro-BTC leader at the helm of the country.
El Salvador President Nayib Bukele’s Bitcoin (BTC) advisor, Max Keiser, has revealed that a team will visit Argentina to discuss BTC plans with the new President. According to Keiser, the team will invite the new President to ‘dine at the Presidential Palace here in El Salvador and talk about Bitcoin.‘
El Salvador became the first country to recognize the original crypto as a legal tender. The nation also has plans to build a BTC mining facility powered by volcanos in the region. Moreover, the country aims to introduce BTC education in its schools by 2024.
Will Argentina accept Bitcoin as a legal tender?
Although Milei is pro-BTC, there is no confirmation of the crypto’s status in the nation’s future. One should note that Argentina is currently facing an economic crisis. Argentinians voted for Milei against Sergio Massa, the country’s economy minister. Citizens are most probably unimpressed by the handling of the economy.
Last week, analysts polled by Argentina’s central bank increased their estimate for annual inflation to 185%. The rise represents a 4.3% increase from last month’s 180.7% forecast. The country is battling one of the worst cases of inflation globally. Annual inflation hit 142.7% in October, rising 8.3% from the month before. While other countries are slowly witnessing a drop in inflation figures, Argentina continues to suffer.
Although there is no confirmation on whether Bitcoin (BTC) will play a role in reviving the nation’s economy, we might see some pro-BTC decisions made in parliament
#BTC #ElSalvadorBTC
$BTC new achievements
NEW: 🇸🇻 El Salvador VP Félix Ulloa says that the country will keep its commitment to #Bitcoin if his party is reelected, per Reuters.
IMF urges El Salvador to reconsider Bitcoin for 💵 $1.3B loan, but government remains firm, citing enthusiasm for 🇺🇸 US Bitcoin ETFs 🙌
#Write2Earn #BTC #ElSalvadorBTC #ElSalvador
NEW: 🇸🇻 El Salvador VP Félix Ulloa says that the country will keep its commitment to #Bitcoin if his party is reelected, per Reuters.
IMF urges El Salvador to reconsider Bitcoin for 💵 $1.3B loan, but government remains firm, citing enthusiasm for 🇺🇸 US Bitcoin ETFs 🙌
#Write2Earn #BTC #ElSalvadorBTC #ElSalvador
💰 El Salvador's BTC holdings at 2,744 with an estimated unrealized loss of $16 million; CoinDesk suggests patience, noting President Bukele's DCA strategy of buying 1 BTC daily at an average price of $41,800. #ElSalvadorBTC #BitcoinWorld
El Salvador's Government Workers to be Bitcoin Certified🎓
El Salvador has embarked on an exciting initiative to certify 80,000 government workers in Bitcoin. Spearheaded by the National Bitcoin Office (ONBTC), this program seeks to improve the public sector's grasp of Bitcoin and its effective management. The training will be thorough, addressing multiple facets of Bitcoin, such as legal regulations, management techniques, and its practical use as legal tender.
This effort is part of El Salvador's larger strategy to weave Bitcoin into its economy and public administration, showcasing the nation's forward-thinking approach to cryptocurrency.
What do you think about the move?
🗳️Thank you for voting for me in the current #BinanceSquareCreatorAward
Image Source: econotimes.com
#ElSalvador #ElSalvadorBitcoin #ElSalvadorBTC
El Salvador has embarked on an exciting initiative to certify 80,000 government workers in Bitcoin. Spearheaded by the National Bitcoin Office (ONBTC), this program seeks to improve the public sector's grasp of Bitcoin and its effective management. The training will be thorough, addressing multiple facets of Bitcoin, such as legal regulations, management techniques, and its practical use as legal tender.
This effort is part of El Salvador's larger strategy to weave Bitcoin into its economy and public administration, showcasing the nation's forward-thinking approach to cryptocurrency.
What do you think about the move?
🗳️Thank you for voting for me in the current #BinanceSquareCreatorAward
Image Source: econotimes.com
#ElSalvador #ElSalvadorBitcoin #ElSalvadorBTC
El Salvador’s Bold Gamble: Earning 1 Bitcoin a Day to Boost Its Economy
Salvadoran President Nayib Bukele is doubling down on his country’s ambitious bet on Bitcoin, announcing that El Salvador will continue buying one BTC per day until the cryptocurrency becomes too valuable to purchase with fiat currencies. This bold strategy underscores the nation’s steadfast belief in Bitcoin’s long-term potential.
In September 2021, El Salvador made headlines as the first country to adopt Bitcoin as legal tender, alongside the US dollar. Ignoring warnings from the IMF, the government has aggressively pushed to weave BTC into the national economy. The “1 Bitcoin per Day” initiative, launched in November 2022, is a clear testament to this vision, aiming to build substantial BTC reserves over time.
These daily Bitcoin purchases are secured in the same wallet used for a significant portion of the country’s holdings. For enhanced security, El Salvador recently moved a large share of its Bitcoin to a cold wallet stored in a physical vault within the country.
El Salvador’s consistent buying strategy has paid off, especially with the recent surge in Bitcoin’s price. The nation now holds 5,748 BTC, valued at over $360 million, reflecting a capital gain of $57 million. While modest compared to major holders like MicroStrategy, El Salvador’s investment signals its belief in Bitcoin’s future value and utility.
The launch of a blockchain explorer by the National Bitcoin Office (ONBTC) highlights the country’s dedication to transparency in its BTC transactions. Despite limited adoption among the general populace, the government remains unwavering in its Bitcoin strategy, convinced that the cryptocurrency will drive future economic growth.
El Salvador’s relentless commitment to Bitcoin, showcased by its daily acquisitions and ambitious goals, illustrates the country’s faith in the transformative power of cryptocurrency. As the world watches, El Salvador is positioning itself at the forefront of the Bitcoin revolution, betting that this bold move will secure a prosperous economic future.
$BTC
#BitcoinRevolution #CryptoEconomy #ElSalvadorBTC #DigitalCurrencyEvolution #BTCInvestment
In September 2021, El Salvador made headlines as the first country to adopt Bitcoin as legal tender, alongside the US dollar. Ignoring warnings from the IMF, the government has aggressively pushed to weave BTC into the national economy. The “1 Bitcoin per Day” initiative, launched in November 2022, is a clear testament to this vision, aiming to build substantial BTC reserves over time.
These daily Bitcoin purchases are secured in the same wallet used for a significant portion of the country’s holdings. For enhanced security, El Salvador recently moved a large share of its Bitcoin to a cold wallet stored in a physical vault within the country.
El Salvador’s consistent buying strategy has paid off, especially with the recent surge in Bitcoin’s price. The nation now holds 5,748 BTC, valued at over $360 million, reflecting a capital gain of $57 million. While modest compared to major holders like MicroStrategy, El Salvador’s investment signals its belief in Bitcoin’s future value and utility.
The launch of a blockchain explorer by the National Bitcoin Office (ONBTC) highlights the country’s dedication to transparency in its BTC transactions. Despite limited adoption among the general populace, the government remains unwavering in its Bitcoin strategy, convinced that the cryptocurrency will drive future economic growth.
El Salvador’s relentless commitment to Bitcoin, showcased by its daily acquisitions and ambitious goals, illustrates the country’s faith in the transformative power of cryptocurrency. As the world watches, El Salvador is positioning itself at the forefront of the Bitcoin revolution, betting that this bold move will secure a prosperous economic future.
$BTC
#BitcoinRevolution #CryptoEconomy #ElSalvadorBTC #DigitalCurrencyEvolution #BTCInvestment
El Salvador generated 474 extra Bitcoins using geothermal energy. 🇸🇻🪙
El Salvador's recent foray into the world of cryptocurrency has caught global attention, not only for its bold decision to adopt Bitcoin as legal tender but also for its innovative approach to Bitcoin mining. In a move that combines economic ambition with environmental responsibility, El Salvador has turned to its abundant geothermal resources to power its burgeoning Bitcoin mining operations.
Geothermal energy, harnessed from the country's volcanic landscape, has become the backbone of El Salvador's Bitcoin mining endeavors. President Nayib Bukele's government allocated a significant portion of a 102-megawatt energy facility in the Tecapa volcanic region specifically for this purpose. Since 2021, this initiative has yielded impressive results, with 474 Bitcoins mined, adding up to a current holding of 5750 BTC, valued at approximately $355 million.
What makes El Salvador's approach truly groundbreaking is its commitment to sustainability. By tapping into renewable and clean energy sources like geothermal power, the country has mitigated concerns about the environmental impact typically associated with Bitcoin mining. This aligns perfectly with global sustainability goals and sets a positive example for other nations grappling with similar challenges.
Of course, El Salvador's embrace of Bitcoin hasn't been without controversy. The energy consumption of Bitcoin mining has been a hotly debated topic, but proponents argue that when done responsibly, using renewable energy, the benefits of cryptocurrencies far outweigh the concerns. El Salvador's example demonstrates that it's possible to strike a balance between economic progress and environmental stewardship in the realm of cryptocurrency.
El Salvador's groundbreaking sustainable Bitcoin mining sets a global precedent for eco-friendly practices, reshaping the industry and inspiring other nations towards a greener future.
#ElSalvadorBTC #ElSalvador #NayibBukele #bitcoin #BTC
El Salvador's recent foray into the world of cryptocurrency has caught global attention, not only for its bold decision to adopt Bitcoin as legal tender but also for its innovative approach to Bitcoin mining. In a move that combines economic ambition with environmental responsibility, El Salvador has turned to its abundant geothermal resources to power its burgeoning Bitcoin mining operations.
Geothermal energy, harnessed from the country's volcanic landscape, has become the backbone of El Salvador's Bitcoin mining endeavors. President Nayib Bukele's government allocated a significant portion of a 102-megawatt energy facility in the Tecapa volcanic region specifically for this purpose. Since 2021, this initiative has yielded impressive results, with 474 Bitcoins mined, adding up to a current holding of 5750 BTC, valued at approximately $355 million.
What makes El Salvador's approach truly groundbreaking is its commitment to sustainability. By tapping into renewable and clean energy sources like geothermal power, the country has mitigated concerns about the environmental impact typically associated with Bitcoin mining. This aligns perfectly with global sustainability goals and sets a positive example for other nations grappling with similar challenges.
Of course, El Salvador's embrace of Bitcoin hasn't been without controversy. The energy consumption of Bitcoin mining has been a hotly debated topic, but proponents argue that when done responsibly, using renewable energy, the benefits of cryptocurrencies far outweigh the concerns. El Salvador's example demonstrates that it's possible to strike a balance between economic progress and environmental stewardship in the realm of cryptocurrency.
El Salvador's groundbreaking sustainable Bitcoin mining sets a global precedent for eco-friendly practices, reshaping the industry and inspiring other nations towards a greener future.
#ElSalvadorBTC #ElSalvador #NayibBukele #bitcoin #BTC