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El Salvador Doubles Down on Bitcoin
In a series of strategic moves that underline its commitment to cryptocurrency, El Salvador continues to deepen its engagement with the digital currency market, particularly bitcoin {{BTC}}. President Nayib Bukele recently announced El Salvador's plan to buy one bitcoin every day, aiming to continue this practice until it becomes unaffordable with fiat currencies. This initiative has pushed the nation's bitcoin holdings to a substantial total of 5,690 BTC, valued at approximately $400 million.
This feature is part of CoinDesk’s “Future of Bitcoin” package published to coincide with the fourth Bitcoin “halving” in April 2024. Tatiana Koffman leads investment firm Moonwalker Capital, is the author of the popular financial newsletter.
In tandem with its cryptocurrency endeavors, El Salvador has made a bold statement in the global investment landscape by eliminating income tax for international investments and money transfers. This tax cut, from 30%-0%, is designed to attract foreign investors and boost economic growth.
The country's commitment to bitcoin was further highlighted this week as it transferred more than 5,000 BTC into a cold wallet. President Bukele disclosed that a significant portion of these assets, amounting to $400 million worth of bitcoin, has been moved to an offline device stored in a physical vault within the nation's territory. This move to secure the digital assets in a "Bitcoin piggy bank" marks a significant step in El Salvador's financial strategy, offering a higher level of security and signaling strong faith in the cryptocurrency's future.
The decision to make the transfer to a cold wallet came after El Salvador's bitcoin treasury swelled unexpectedly, nearly doubling its previously known stash. The country had been acquiring bitcoin through various means, including daily purchases, sales of passports, currency conversions for businesses, mining and government services. This approach has dramatically increased El Salvador's bitcoin holdings, which were believed to be less than 3,000 BTC before this revelation.
President Bukele's vision extends beyond merely accumulating bitcoin; he envisions transforming El Salvador into a wealthy nation through strategic investments and initiatives related to the digital currency. Despite criticisms and warnings from international bodies like the International Monetary Fund (IMF), El Salvador's commitment to its bitcoin strategy remains steadfast, with the nation showing no signs of divesting from the cryptocurrency.
El Salvador's bold foray into the world of bitcoin and its efforts to create a conducive environment for cryptocurrency investments reflect a significant shift in how nations perceive and engage with digital currencies. As the country continues its bitcoin acquisition program and enhances its cryptocurrency infrastructure, it sets a precedent for others to follow, potentially reshaping the global financial landscape in the process.
$BTC
#HotTrends #BTC #ElSalvador #ElSalvadorBitcoin #Write2Erarn
This feature is part of CoinDesk’s “Future of Bitcoin” package published to coincide with the fourth Bitcoin “halving” in April 2024. Tatiana Koffman leads investment firm Moonwalker Capital, is the author of the popular financial newsletter.
In tandem with its cryptocurrency endeavors, El Salvador has made a bold statement in the global investment landscape by eliminating income tax for international investments and money transfers. This tax cut, from 30%-0%, is designed to attract foreign investors and boost economic growth.
The country's commitment to bitcoin was further highlighted this week as it transferred more than 5,000 BTC into a cold wallet. President Bukele disclosed that a significant portion of these assets, amounting to $400 million worth of bitcoin, has been moved to an offline device stored in a physical vault within the nation's territory. This move to secure the digital assets in a "Bitcoin piggy bank" marks a significant step in El Salvador's financial strategy, offering a higher level of security and signaling strong faith in the cryptocurrency's future.
The decision to make the transfer to a cold wallet came after El Salvador's bitcoin treasury swelled unexpectedly, nearly doubling its previously known stash. The country had been acquiring bitcoin through various means, including daily purchases, sales of passports, currency conversions for businesses, mining and government services. This approach has dramatically increased El Salvador's bitcoin holdings, which were believed to be less than 3,000 BTC before this revelation.
President Bukele's vision extends beyond merely accumulating bitcoin; he envisions transforming El Salvador into a wealthy nation through strategic investments and initiatives related to the digital currency. Despite criticisms and warnings from international bodies like the International Monetary Fund (IMF), El Salvador's commitment to its bitcoin strategy remains steadfast, with the nation showing no signs of divesting from the cryptocurrency.
El Salvador's bold foray into the world of bitcoin and its efforts to create a conducive environment for cryptocurrency investments reflect a significant shift in how nations perceive and engage with digital currencies. As the country continues its bitcoin acquisition program and enhances its cryptocurrency infrastructure, it sets a precedent for others to follow, potentially reshaping the global financial landscape in the process.
$BTC
#HotTrends #BTC #ElSalvador #ElSalvadorBitcoin #Write2Erarn
sa#el🔥💥El Salvador's $400 million Bitcoin transfer: Bukele announces
In a move reinforcing its embrace of Bitcoin as the official currency since 2021, El Salvador, under the leadership of re-elected President Nayib Bukele, has announced the transfer of approximately $400 million worth of Bitcoin to a new cold wallet.
Despite facing criticism from the Western world for adopting Bitcoin as legal tender, El Salvador has stood firm on its policy, now reaping the rewards with surging prices. As Bitcoin's value in the nation continues to rise, President Bukele made a new announcement regarding the cryptocurrency.
President Bukele revealed that 5689 BTC had been transferred to a new cold wallet, emphasizing the decision as a strategic move. He stated, "We have decided to move a large part of our bitcoins to a new cold wallet, akin to our official piggy bank, stored securely within the country's borders. Though not an exorbitant amount, it represents hard-earned money."
The actual number of BTC at least doubled
Contrary to previous estimates, Nayib Bukele's announcement indicates that El Salvador's Bitcoin holdings exceed prior assumptions. While it was believed the country possessed around 2800 BTC, the transfer unveiled a figure at least double that amount. Bukele's reference to "The majority of our Bitcoins ..." suggests that the nation retains a substantial BTC reserve beyond the transferred sum.
Furthermore, Bukele had declared in November 2022 that the government would purchase one Bitcoin daily, following a systematic approach to accumulate the cryptocurrency.#ElSalvadorBitcoin #NayibBukele #binance
In a move reinforcing its embrace of Bitcoin as the official currency since 2021, El Salvador, under the leadership of re-elected President Nayib Bukele, has announced the transfer of approximately $400 million worth of Bitcoin to a new cold wallet.
Despite facing criticism from the Western world for adopting Bitcoin as legal tender, El Salvador has stood firm on its policy, now reaping the rewards with surging prices. As Bitcoin's value in the nation continues to rise, President Bukele made a new announcement regarding the cryptocurrency.
President Bukele revealed that 5689 BTC had been transferred to a new cold wallet, emphasizing the decision as a strategic move. He stated, "We have decided to move a large part of our bitcoins to a new cold wallet, akin to our official piggy bank, stored securely within the country's borders. Though not an exorbitant amount, it represents hard-earned money."
The actual number of BTC at least doubled
Contrary to previous estimates, Nayib Bukele's announcement indicates that El Salvador's Bitcoin holdings exceed prior assumptions. While it was believed the country possessed around 2800 BTC, the transfer unveiled a figure at least double that amount. Bukele's reference to "The majority of our Bitcoins ..." suggests that the nation retains a substantial BTC reserve beyond the transferred sum.
Furthermore, Bukele had declared in November 2022 that the government would purchase one Bitcoin daily, following a systematic approach to accumulate the cryptocurrency.#ElSalvadorBitcoin #NayibBukele #binance
🇸🇻 El Salvador's Bitcoin Journey 🇸🇻
El Salvador is making waves in the crypto world, now holding 5,779 Bitcoins since its bold adoption of BTC alongside the US dollar in 2021. This stash is worth around $390.5 million! 🚀
President Nayib Bukele's leadership has transformed the country into a Central American financial hub. With a fresh electoral mandate, Bukele continues to steer El Salvador on its innovative path.
Their Bitcoin holdings have grown through various channels, including mining operations powered by volcanic geothermal energy, which have produced 473 BTC (worth $31 million). The Freedom Visa program, accepting Bitcoin and USDT payments, is attracting 5,000 skilled individuals with free passports.
Bukele even announced buying 1 Bitcoin per day to boost holdings further. Infrastructure improvements and the Bitcoin Bond are also drawing more investors. 📈🌋
This strategy is boosting El Salvador's GDP and setting a trend for global institutional investors. Expect to see more countries following suit, enhancing crypto liquidity worldwide! 🌍💰
$BTC
#ElSalvadorBitcoin #TopCoinsJune2024 #BTCFOMCWatch #BTC
El Salvador is making waves in the crypto world, now holding 5,779 Bitcoins since its bold adoption of BTC alongside the US dollar in 2021. This stash is worth around $390.5 million! 🚀
President Nayib Bukele's leadership has transformed the country into a Central American financial hub. With a fresh electoral mandate, Bukele continues to steer El Salvador on its innovative path.
Their Bitcoin holdings have grown through various channels, including mining operations powered by volcanic geothermal energy, which have produced 473 BTC (worth $31 million). The Freedom Visa program, accepting Bitcoin and USDT payments, is attracting 5,000 skilled individuals with free passports.
Bukele even announced buying 1 Bitcoin per day to boost holdings further. Infrastructure improvements and the Bitcoin Bond are also drawing more investors. 📈🌋
This strategy is boosting El Salvador's GDP and setting a trend for global institutional investors. Expect to see more countries following suit, enhancing crypto liquidity worldwide! 🌍💰
$BTC
#ElSalvadorBitcoin #TopCoinsJune2024 #BTCFOMCWatch #BTC
Hi Guys,
It's Big & Big #NewsAboutCrypto $BTC New Mining Firm in El Salvador @Zain-Ashfaq !!!
Follow MeX.
New Bitcoin Mining Firm Sets Up Headquarters In El Salvador
El Salvador's allure for companies and global brands continues to grow, with BitcoinBitcoin -0.3% mining company OCEANOcean Protocol 0.0% making a strategic move to establish its headquarters in the country.
This decision positions OCEAN for worldwide success and underscores the country's potential as a hub for innovative bitcoin business operations.
According to their announcement, El Salvador will be the "global hub of business development" for the company. Ocean Mining operates a bitcoin mining pool, meaning that bitcoin miners with their equipment could join Ocean to combine their hashpower and increase their chances of winning the block reward and earning more bitcoin for operating the devices.
"We're excited to be in Bitcoin Country.
The hospitality and welcomeness of El Salvador and President Bukele are meaningful for a small startup like us. We'll go where we are wanted, and we'll vote with our feet," OCEAN's President,
The company made this decision based on El Salvador's potential and legislation and OCEAN's mission-driven approach to decentralizing bitcoin mining. "This helps our core mission of decentralization. It's good for Bitcoin, it's good for OCEAN," he underscored.
OCEAN, led by Chief Executive Officer Jack Dorsey and renowned Bitcoin developer LukeDashjr, stands out from other pools with its unique features.
Miners have the freedom to choose the type of blocks they work with, a flexibility that enhances their control and potential rewards. Additionally, OCEAN's mining pool operates without inscriptions in their mined blocks, a feature that reduces transaction costs and helps combat information spam.
#Megadrop #altcoins #Write2Earrn #ElSalvadorBitcoin
It's Big & Big #NewsAboutCrypto $BTC New Mining Firm in El Salvador @Zain-Ashfaq !!!
Follow MeX.
New Bitcoin Mining Firm Sets Up Headquarters In El Salvador
El Salvador's allure for companies and global brands continues to grow, with BitcoinBitcoin -0.3% mining company OCEANOcean Protocol 0.0% making a strategic move to establish its headquarters in the country.
This decision positions OCEAN for worldwide success and underscores the country's potential as a hub for innovative bitcoin business operations.
According to their announcement, El Salvador will be the "global hub of business development" for the company. Ocean Mining operates a bitcoin mining pool, meaning that bitcoin miners with their equipment could join Ocean to combine their hashpower and increase their chances of winning the block reward and earning more bitcoin for operating the devices.
"We're excited to be in Bitcoin Country.
The hospitality and welcomeness of El Salvador and President Bukele are meaningful for a small startup like us. We'll go where we are wanted, and we'll vote with our feet," OCEAN's President,
The company made this decision based on El Salvador's potential and legislation and OCEAN's mission-driven approach to decentralizing bitcoin mining. "This helps our core mission of decentralization. It's good for Bitcoin, it's good for OCEAN," he underscored.
OCEAN, led by Chief Executive Officer Jack Dorsey and renowned Bitcoin developer LukeDashjr, stands out from other pools with its unique features.
Miners have the freedom to choose the type of blocks they work with, a flexibility that enhances their control and potential rewards. Additionally, OCEAN's mining pool operates without inscriptions in their mined blocks, a feature that reduces transaction costs and helps combat information spam.
#Megadrop #altcoins #Write2Earrn #ElSalvadorBitcoin
Hi Guys,
It's Big & Big #Update About #ElSalvadorBitcoin Holdings !!!
El Salvador Now Holds 5,779 Bitcoins With Over 473 Coins Mined Since 2021
The Republic of El Salvador has grown into a major financial hub in Central America, fueled by its Bitcoin (BTC) adoption plan.
After steering the country out of a security crisis in the first term, El Salvador’s President Nayib Bukele was overwhelmingly supported in the recently concluded election.
El Salvador Bitcoin Holdings Grows Exponentially
Since El Salvador adopted Bitcoin (BTC) alongside the United States dollar in 2021, the country has accumulated more than 5,779 BTCs, worth about $390.5 million.
The country has accumulated more Bitcoins through different sources, including its citizenship program, mining operations, and daily acquisitions.
Earlier this year, El Salvador introduced its Freedom Visa program, which will welcome 5,000 highly skilled individuals with free passports. Notably, the country’s visa program has accepted Bitcoin and USDT payments.
As for the mining operations, El Salvador has obtained more than 473 BTCs, worth over $31 million, since 2021. The country has been using its volcanic geothermal power to mine Bitcoins, thus providing a clean energy solution.
Earlier this year, President Bukele announced that the country would be purchasing 1 Bitcoin per day.
Meanwhile, the country has significantly improved its infrastructure, including school renovations, roads, and security, to attract more investors. Moreover, it has a Bitcoin Bond that significantly helps run its operations.
$BTC
#BTCFOMCWatch #Write2Earrn #TopCoinsJune2024
It's Big & Big #Update About #ElSalvadorBitcoin Holdings !!!
El Salvador Now Holds 5,779 Bitcoins With Over 473 Coins Mined Since 2021
The Republic of El Salvador has grown into a major financial hub in Central America, fueled by its Bitcoin (BTC) adoption plan.
After steering the country out of a security crisis in the first term, El Salvador’s President Nayib Bukele was overwhelmingly supported in the recently concluded election.
El Salvador Bitcoin Holdings Grows Exponentially
Since El Salvador adopted Bitcoin (BTC) alongside the United States dollar in 2021, the country has accumulated more than 5,779 BTCs, worth about $390.5 million.
The country has accumulated more Bitcoins through different sources, including its citizenship program, mining operations, and daily acquisitions.
Earlier this year, El Salvador introduced its Freedom Visa program, which will welcome 5,000 highly skilled individuals with free passports. Notably, the country’s visa program has accepted Bitcoin and USDT payments.
As for the mining operations, El Salvador has obtained more than 473 BTCs, worth over $31 million, since 2021. The country has been using its volcanic geothermal power to mine Bitcoins, thus providing a clean energy solution.
Earlier this year, President Bukele announced that the country would be purchasing 1 Bitcoin per day.
Meanwhile, the country has significantly improved its infrastructure, including school renovations, roads, and security, to attract more investors. Moreover, it has a Bitcoin Bond that significantly helps run its operations.
$BTC
#BTCFOMCWatch #Write2Earrn #TopCoinsJune2024
El Salvador buys 1 Bitcoin daily, adds 160 BTC since March 16 !!
As per the latest on-chain data, El Salvadoran Government has been steadily accumulating 1 Bitcoin per day for the past five months. This has added 160 BTC to their holdings.
Data from Arkham Intelligence shared by analyst Ember CN has disclosed that El Salvador has never missed purchasing 1 Bitcoin every day since the past five months. This dedication has added 160 Bitcoin to their BTC holdings.
El Salvador buys 1 BTC every day since March 16
Ember CN mentioned in an X post that the government’s cold wallet hasn’t missed buying 1 Bitcoin every day since March 16.
According to Arkham data, the El Salvador cold wallet currently holds 5851 BTC. The value of their Bitcoin holdings was around $355.4 million at press time, as per the current BTC market price.
The average cost of purchase is $44,835 and has a floating profit of $93.45 million (+35%).
The El Salvadoran government has been on a relentless BTC buying spree despite the volatile price action of Bitcoin. CoinMarketCap data shows that on March 16, Bitcoin was trading at the $69,000 level.
The following days witnessed the price move as high as $71,000 before plunging to a low of $49,000 earlier this month. However, just like Michael Saylor, the government stuck to their plan to scoop up 1 BTC per day.
#ElSalvadors #ElSalvadorBitcoin #Bitcoin❗ #BTC☀
As per the latest on-chain data, El Salvadoran Government has been steadily accumulating 1 Bitcoin per day for the past five months. This has added 160 BTC to their holdings.
Data from Arkham Intelligence shared by analyst Ember CN has disclosed that El Salvador has never missed purchasing 1 Bitcoin every day since the past five months. This dedication has added 160 Bitcoin to their BTC holdings.
El Salvador buys 1 BTC every day since March 16
Ember CN mentioned in an X post that the government’s cold wallet hasn’t missed buying 1 Bitcoin every day since March 16.
According to Arkham data, the El Salvador cold wallet currently holds 5851 BTC. The value of their Bitcoin holdings was around $355.4 million at press time, as per the current BTC market price.
The average cost of purchase is $44,835 and has a floating profit of $93.45 million (+35%).
The El Salvadoran government has been on a relentless BTC buying spree despite the volatile price action of Bitcoin. CoinMarketCap data shows that on March 16, Bitcoin was trading at the $69,000 level.
The following days witnessed the price move as high as $71,000 before plunging to a low of $49,000 earlier this month. However, just like Michael Saylor, the government stuck to their plan to scoop up 1 BTC per day.
#ElSalvadors #ElSalvadorBitcoin #Bitcoin❗ #BTC☀
El Salvador Mines 474 Bitcoin, Boosting Eco-Friendly Crypto Holdings
El Salvador mined nearly 474 Bitcoin using volcanic power, adding $29 million to its national crypto stash. This eco-friendly approach brings their total holdings to 5,750 BTC, valued at $354 million. President Bukele, a Bitcoin champion, has been steadily accumulating Bitcoin through a DCA strategy, reportedly yielding over 43% in unrealized profits. El Salvador's commitment to transparency is evident in their new platform allowing public access to Bitcoin investment data.
#ElSalvadorBitcoin $BTC #Bitcoin
El Salvador mined nearly 474 Bitcoin using volcanic power, adding $29 million to its national crypto stash. This eco-friendly approach brings their total holdings to 5,750 BTC, valued at $354 million. President Bukele, a Bitcoin champion, has been steadily accumulating Bitcoin through a DCA strategy, reportedly yielding over 43% in unrealized profits. El Salvador's commitment to transparency is evident in their new platform allowing public access to Bitcoin investment data.
#ElSalvadorBitcoin $BTC #Bitcoin
NEWS: El Salvador's volcanic bond received regulatory approval from the country's Digital Assets Commission on December 11, 2023. The bond, which is a sovereign debt issue backed by bitcoins, has a face value of $1 billion and is scheduled to be issued in the first quarter of 2024.
The volcanic bond is an initiative of the president of El Salvador, Nayib Bukele, who seeks to raise funds for the construction of a special economic zone in the country. The special economic zone will focus on blockchain technology and cryptocurrencies, and is expected to create thousands of jobs.
Regulatory approval of the volcanic bond is an important step for the issuance of the bond. However, there are still some factors that could affect its success, such as the volatility of the cryptocurrency market and the interest of international investors.
If the volcanic bond is successful, it could be a major milestone for government adoption of cryptocurrencies. El Salvador would be the first country in the world to issue sovereign debt backed by cryptocurrencies.
#ElSalvadorBitcoin $BTC #Bitcoin
The volcanic bond is an initiative of the president of El Salvador, Nayib Bukele, who seeks to raise funds for the construction of a special economic zone in the country. The special economic zone will focus on blockchain technology and cryptocurrencies, and is expected to create thousands of jobs.
Regulatory approval of the volcanic bond is an important step for the issuance of the bond. However, there are still some factors that could affect its success, such as the volatility of the cryptocurrency market and the interest of international investors.
If the volcanic bond is successful, it could be a major milestone for government adoption of cryptocurrencies. El Salvador would be the first country in the world to issue sovereign debt backed by cryptocurrencies.
#ElSalvadorBitcoin $BTC #Bitcoin
🌐 IMF and El Salvador Close to Agreement on Bitcoin!
🔍 Key Points:
- IMF-Supported Program
✔️ Ongoing negotiations between the IMF and El Salvador to mitigate risks associated with Bitcoin as legal tender.
✔️ Focus on strengthening public finances, financial stability, and transparency.
- Focus Areas in Negotiations
🔸 Public Finances: Target to increase the primary balance by 3.5% of GDP over three years.
🔸 Bank Reserves: Strengthening to ensure financial system stability.
🔸 Governance & Transparency: Enhanced focus, particularly regarding Bitcoin usage.
- IMF’s Stance on Bitcoin
🚨 Potential risks of Bitcoin as legal tender are acknowledged but haven’t materialized yet.
🔍 The IMF stresses improving transparency and mitigating potential risks.
- El Salvador’s Commitment to Bitcoin
🇸🇻 Since adopting Bitcoin in 2021, El Salvador has accumulated 5,834 BTC (~$323 million).
🛒 12% of Salvadorans reportedly use Bitcoin for daily purchases in 2023.
🌆 The "Bitcoin City" project continues to symbolize El Salvador's dedication to crypto.
#BlackRockETHOptions #Babylon_Mainnet_Launch #MarketDownturn #ElSalvadorBitcoin
🔍 Key Points:
- IMF-Supported Program
✔️ Ongoing negotiations between the IMF and El Salvador to mitigate risks associated with Bitcoin as legal tender.
✔️ Focus on strengthening public finances, financial stability, and transparency.
- Focus Areas in Negotiations
🔸 Public Finances: Target to increase the primary balance by 3.5% of GDP over three years.
🔸 Bank Reserves: Strengthening to ensure financial system stability.
🔸 Governance & Transparency: Enhanced focus, particularly regarding Bitcoin usage.
- IMF’s Stance on Bitcoin
🚨 Potential risks of Bitcoin as legal tender are acknowledged but haven’t materialized yet.
🔍 The IMF stresses improving transparency and mitigating potential risks.
- El Salvador’s Commitment to Bitcoin
🇸🇻 Since adopting Bitcoin in 2021, El Salvador has accumulated 5,834 BTC (~$323 million).
🛒 12% of Salvadorans reportedly use Bitcoin for daily purchases in 2023.
🌆 The "Bitcoin City" project continues to symbolize El Salvador's dedication to crypto.
#BlackRockETHOptions #Babylon_Mainnet_Launch #MarketDownturn #ElSalvadorBitcoin
JUST IN: 🇸🇻 El Salvador President Nayib Bukele says the country will purchase one Bitcoin every day until it becomes unaffordable with fiat currencies.
#BTC #HotTrends #ElSalvadorBitcoin
#BTC #HotTrends #ElSalvadorBitcoin
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💡El Salvador marks three years of Bitcoin adoption 🪙
💬 According to Cointelegraph, El Salvador is celebrating the third anniversary of adopting #Bitcoin as legal tender, a move that made it the first country in the world to do so on September 7, 2021. The initiative was intended to promote financial inclusion, streamline remittance payments and attract financial innovation.
President Nayib Bukele’s decision to adopt $BTC has positioned El Salvador as a pioneer in the digital asset space. Alex Momot, founder and CEO of cryptocurrency trading platform Peanut Trade, commented that while it is too early to declare the initiative a complete success, the country has certainly reaped some benefits.
El Salvador has been dollar-cost averaging into Bitcoin since 2021, buying one Bitcoin per day. So far, the country’s Bitcoin holdings have generated more than $31 million in profits, according to the Nayib Bukele Portfolio Tracker website. The average purchase price of El Salvador’s Bitcoin was $43,877 per BTC, which is currently trading at $54,300. Momot highlighted that the financial gain strengthens Bukele’s position, adding credibility to his bold experiment with cryptocurrencies.
El Salvador currently holds a total of 5,865 bitcoins, valued at more than $318 million, according to the country’s Treasury website. Despite initial criticism, especially after the price of bitcoin fell from its all-time high of $69,000 in November 2021 to as low as $16,000 during the bear market, the country has managed to turn a profit.
🔔Always remember to DYOR
#ElSalvador #ElSalvadorBitcoin #TopCoinsSeptember #Write2Earn
💬 According to Cointelegraph, El Salvador is celebrating the third anniversary of adopting #Bitcoin as legal tender, a move that made it the first country in the world to do so on September 7, 2021. The initiative was intended to promote financial inclusion, streamline remittance payments and attract financial innovation.
President Nayib Bukele’s decision to adopt $BTC has positioned El Salvador as a pioneer in the digital asset space. Alex Momot, founder and CEO of cryptocurrency trading platform Peanut Trade, commented that while it is too early to declare the initiative a complete success, the country has certainly reaped some benefits.
El Salvador has been dollar-cost averaging into Bitcoin since 2021, buying one Bitcoin per day. So far, the country’s Bitcoin holdings have generated more than $31 million in profits, according to the Nayib Bukele Portfolio Tracker website. The average purchase price of El Salvador’s Bitcoin was $43,877 per BTC, which is currently trading at $54,300. Momot highlighted that the financial gain strengthens Bukele’s position, adding credibility to his bold experiment with cryptocurrencies.
El Salvador currently holds a total of 5,865 bitcoins, valued at more than $318 million, according to the country’s Treasury website. Despite initial criticism, especially after the price of bitcoin fell from its all-time high of $69,000 in November 2021 to as low as $16,000 during the bear market, the country has managed to turn a profit.
🔔Always remember to DYOR
#ElSalvador #ElSalvadorBitcoin #TopCoinsSeptember #Write2Earn
Nayib Bukele shared El Salvador’s Bitcoin wallet address.
The president of El Salvador published a tweet in which he shared the address of the country’s BTC wallet and balance. It turned out that the wallet has twice as many coins as previously announced: The El Salvador account has 5,689.69 BTC (about $406 million), and according to Bukele’s official portfolio tracker, the country has 2,864 BTC (about $194 million) under management. Where the rest of the Bitcoin came from is unknown 😅
The crypto community has started sending donations to El Salvador’s address, and a well-known crypto trader under the nickname “HODL15Capital” praised the country’s president for his commitment to transparency:
“Love the transparency! This is the Bitcoin way!”
El Salvador’s crypto ideas deserve unicorn status 🦄
#ElSalvadorBitcoin #NayibBukele #HotTrends #BTC
The president of El Salvador published a tweet in which he shared the address of the country’s BTC wallet and balance. It turned out that the wallet has twice as many coins as previously announced: The El Salvador account has 5,689.69 BTC (about $406 million), and according to Bukele’s official portfolio tracker, the country has 2,864 BTC (about $194 million) under management. Where the rest of the Bitcoin came from is unknown 😅
The crypto community has started sending donations to El Salvador’s address, and a well-known crypto trader under the nickname “HODL15Capital” praised the country’s president for his commitment to transparency:
“Love the transparency! This is the Bitcoin way!”
El Salvador’s crypto ideas deserve unicorn status 🦄
#ElSalvadorBitcoin #NayibBukele #HotTrends #BTC
El Salvador moves $386m worth of $BTC into cold storage.
President Nayib Bukele referred to this initiative as El Salvador's first official "bitcoin piggy bank." This reflects their long-term view on Bitcoin as a potential tool for economic growth 🙌
#BTC #HotTrends #ElSalvadorBitcoin
President Nayib Bukele referred to this initiative as El Salvador's first official "bitcoin piggy bank." This reflects their long-term view on Bitcoin as a potential tool for economic growth 🙌
#BTC #HotTrends #ElSalvadorBitcoin
More and more countries are turning to cryptocurrency as an investment and security asset 🔥
El Salvador has been at the forefront of this movement, with its government purchasing one $BTC every day regardless of its price. But they are not alone!
Recent news reports indicate that the Argentine government met with representatives from El Salvador last week to discuss Bitcoin adoption. This development highlights how countries facing financial crises or significant inflation rates are looking to Bitcoin as a form of digital gold to store value and potentially profit from it. Isn't this remarkable? Which countries are next?
Stay tuned for more updates from MarMag! New posts coming soon :))
#BTC☀ #BTC70K✈️ #NewsAboutCrypto #ElSalvadorBitcoin
El Salvador has been at the forefront of this movement, with its government purchasing one $BTC every day regardless of its price. But they are not alone!
Recent news reports indicate that the Argentine government met with representatives from El Salvador last week to discuss Bitcoin adoption. This development highlights how countries facing financial crises or significant inflation rates are looking to Bitcoin as a form of digital gold to store value and potentially profit from it. Isn't this remarkable? Which countries are next?
Stay tuned for more updates from MarMag! New posts coming soon :))
#BTC☀ #BTC70K✈️ #NewsAboutCrypto #ElSalvadorBitcoin
El Salvador Will Keep Buying 1 Bitcoin Daily Until BTC 'Becomes Unaffordable' With Fiat Currencies,
Hi Guys 🚨🚨
El Salvador Keeps Buying BTC, Top BTC Mining Rigs, Blackrock's New 'BUIDL' Fund, and More — Week in Review
El Salvador continues its daily bitcoin purchases, aiming to keep buying until the cryptocurrency becomes too expensive. The top 10 bitcoin mining rigs of 2024 show significant profit margins due to recent value increases.
Blackrock, has submitted a form to the SEC for the initiation of a tokenized investment fund called “BUIDL.” “Rich Dad Poor Dad” author Robert Kiyosaki advocates buying as much bitcoin as one can afford, favoring it over stocks and bonds during economic uncertainties.
El Salvador Will Keep Buying 1 Bitcoin Daily Until BTC ‘Becomes Unaffordable’ With Fiat Currencies, Says President Bukele.
El Salvador’s President Nayib Bukele shared an update on El Salvador’s “1 bitcoin a day program” on social media platform X on Friday.
The “1 bitcoin a day program” was initiated in November 2022 when Bukele announced El Salvador’s daily purchase of one bitcoin, starting on Nov. 18, 2022. On Friday, he provided an update on the program, stating that El Salvador will continue to buy bitcoin daily “until bitcoin becomes unaffordable with fiat currencies.” He also revealed that the latest BTC from the program has been deposited into El Salvador’s address that recently received “a large chunk” of the country’s bitcoin stash.
On Thursday, the Salvadoran president disclosed that El Salvador has decided to transfer a large chunk of its bitcoin holdings to a cold wallet and store it in a physical vault within the country’s territory.
In September 2021, El Salvador made history by becoming the first country to adopt bitcoin as legal tender alongside the U.S. dollar, despite warnings from the International Monetary Fund (IMF). Since then, the country has been acquiring bitcoin through various means, including purchases and mining, and the nation has also been generating revenue from bitcoin-related initiatives. Venture capitalist Tim Draper believes that bitcoin will transform El Salvador into one of the wealthiest nations in the world. Last month, Bukele reaffirmed that El Salvador has no intention of selling any of its bitcoins, emphasizing that “at the end, 1 BTC = 1 BTC.”
$BTC
#HotTrends #BTC #Write2Erarn #CryptoNews🚀🔥 #ElSalvadorBitcoin
What do you think about El Salvador buying one bitcoin a day and will continue until the crypto is unaffordable with fiat currencies? Let us know in the comments section below.
El Salvador Keeps Buying BTC, Top BTC Mining Rigs, Blackrock's New 'BUIDL' Fund, and More — Week in Review
El Salvador continues its daily bitcoin purchases, aiming to keep buying until the cryptocurrency becomes too expensive. The top 10 bitcoin mining rigs of 2024 show significant profit margins due to recent value increases.
Blackrock, has submitted a form to the SEC for the initiation of a tokenized investment fund called “BUIDL.” “Rich Dad Poor Dad” author Robert Kiyosaki advocates buying as much bitcoin as one can afford, favoring it over stocks and bonds during economic uncertainties.
El Salvador Will Keep Buying 1 Bitcoin Daily Until BTC ‘Becomes Unaffordable’ With Fiat Currencies, Says President Bukele.
El Salvador’s President Nayib Bukele shared an update on El Salvador’s “1 bitcoin a day program” on social media platform X on Friday.
The “1 bitcoin a day program” was initiated in November 2022 when Bukele announced El Salvador’s daily purchase of one bitcoin, starting on Nov. 18, 2022. On Friday, he provided an update on the program, stating that El Salvador will continue to buy bitcoin daily “until bitcoin becomes unaffordable with fiat currencies.” He also revealed that the latest BTC from the program has been deposited into El Salvador’s address that recently received “a large chunk” of the country’s bitcoin stash.
On Thursday, the Salvadoran president disclosed that El Salvador has decided to transfer a large chunk of its bitcoin holdings to a cold wallet and store it in a physical vault within the country’s territory.
In September 2021, El Salvador made history by becoming the first country to adopt bitcoin as legal tender alongside the U.S. dollar, despite warnings from the International Monetary Fund (IMF). Since then, the country has been acquiring bitcoin through various means, including purchases and mining, and the nation has also been generating revenue from bitcoin-related initiatives. Venture capitalist Tim Draper believes that bitcoin will transform El Salvador into one of the wealthiest nations in the world. Last month, Bukele reaffirmed that El Salvador has no intention of selling any of its bitcoins, emphasizing that “at the end, 1 BTC = 1 BTC.”
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What do you think about El Salvador buying one bitcoin a day and will continue until the crypto is unaffordable with fiat currencies? Let us know in the comments section below.
Nayib Bukele's re-election as President of El Salvador signals a continued commitment to addressing economic challenges, pivoting from his successful efforts in combating gang violence. Despite controversies, Bukele's landslide victory underscores public support for his leadership. With gang violence under control, his focus shifts to economic revitalization, though hurdles remain. The Bitcoin City project faces investment difficulties, and public debt stands high.
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🌐💼 Breaking news from El Salvador! President Nayib Bukele has made a bold move, transferring a whopping US$407 million worth of Bitcoin to a cold wallet. 🚀 This offline storage solution will be housed in a physical vault within the country, marking a significant step in the nation's embrace of cryptocurrency. 🏦💰
In a social media post, Bukele unveiled the decision, showcasing a photo of the wallet containing 5,689.68 BTC. 💼💼 "It's not much, but it's honest work," he humbly remarked. This move sheds light on El Salvador's true Bitcoin holdings, surpassing previous estimates and revealing their commitment to this digital asset. 💡💼
El Salvador made headlines in September 2021 by becoming the first country to adopt Bitcoin as legal tender, despite facing criticism from entities like the International Monetary Fund. 🌎💼 And now, with this strategic decision to secure their Bitcoin reserves, El Salvador solidifies its position as a pioneer in the crypto world. 🌟🇸🇻
As Bitcoin's value continues to fluctuate, El Salvador's proactive approach to managing its cryptocurrency assets sets a precedent for other nations to follow. 📈💼 Stay tuned as the world watches to see how this groundbreaking move shapes the future of finance! 💼💰 #CryptoPioneer #ElSalvadorBitcoin 🇸🇻🔒
In a social media post, Bukele unveiled the decision, showcasing a photo of the wallet containing 5,689.68 BTC. 💼💼 "It's not much, but it's honest work," he humbly remarked. This move sheds light on El Salvador's true Bitcoin holdings, surpassing previous estimates and revealing their commitment to this digital asset. 💡💼
El Salvador made headlines in September 2021 by becoming the first country to adopt Bitcoin as legal tender, despite facing criticism from entities like the International Monetary Fund. 🌎💼 And now, with this strategic decision to secure their Bitcoin reserves, El Salvador solidifies its position as a pioneer in the crypto world. 🌟🇸🇻
As Bitcoin's value continues to fluctuate, El Salvador's proactive approach to managing its cryptocurrency assets sets a precedent for other nations to follow. 📈💼 Stay tuned as the world watches to see how this groundbreaking move shapes the future of finance! 💼💰 #CryptoPioneer #ElSalvadorBitcoin 🇸🇻🔒
For the past 665 days, the El Salvador government has been consistently buying 1 BTC every single day, regardless of market conditions! 💪
📊 They now hold a staggering 5,871 BTC, valued at $342M, with 3,046 BTC publicly known to have been acquired at an average price of just $43,888!
🔗 Wallet: 32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo
#ElSalvadorBitcoin #ElSalvadors #BTC #btc $BTC
📊 They now hold a staggering 5,871 BTC, valued at $342M, with 3,046 BTC publicly known to have been acquired at an average price of just $43,888!
🔗 Wallet: 32ixEdVJWo3kmvJGMTZq5jAQVZZeuwnqzo
#ElSalvadorBitcoin #ElSalvadors #BTC #btc $BTC
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😱 #FMI suggests El Salvador minimize exposure to Bitcoin! 🚨
On Thursday, October 3, the International Monetary Fund (IMF) issued a warning to El Salvador regarding the use of Bitcoin in the country! 🧐
👉 The IMF recommends El Salvador reduce Law $BTC and increase regulation and supervision of cryptocurrencies. Spokesperson Julie Kozack stressed that the government should reduce exposure to Bitcoin, especially in the public sector. ⚠️
While praising President Bukele's budget for 2025, which foresees the country being debt-free by that year, the IMF remains concerned about the risks to fiscal and financial stability related to the use of Bitcoin. 🏛️📊
What do you think about this?
#ElSalvadorBitcoin #Bukele #MarketDownturn #bitcoinhoy $BTC
On Thursday, October 3, the International Monetary Fund (IMF) issued a warning to El Salvador regarding the use of Bitcoin in the country! 🧐
👉 The IMF recommends El Salvador reduce Law $BTC and increase regulation and supervision of cryptocurrencies. Spokesperson Julie Kozack stressed that the government should reduce exposure to Bitcoin, especially in the public sector. ⚠️
While praising President Bukele's budget for 2025, which foresees the country being debt-free by that year, the IMF remains concerned about the risks to fiscal and financial stability related to the use of Bitcoin. 🏛️📊
What do you think about this?
#ElSalvadorBitcoin #Bukele #MarketDownturn #bitcoinhoy $BTC
