News
El Salvador’s Millennial President Bukele Says Bitcoin Holdings Increased 40%
- Salvadoran President Nayib Bukele has long been bullish on Bitcoin.
- He wrote in an article on X that El Salvador increased its investment by more than 40%.
- Bitcoin surpassed $60,000 on Wednesday for the first time since November 2021.
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El Salvador is betting a lot on bitcoin, according to its millennial president Nayib Bukele.
On Wednesday, Bukele wrote in an article about X that the media ridiculed the country’s considerable investment in the world’s largest cryptocurrency. Today, however, bitcoin has surged more than 38% in early 2024, and Bukele says El Salvador could make a nice profit if he sold it now.
“[I]If we were to sell, we would make a profit of over 40% (from market purchases alone), and our main source of BTC is now our citizenship program,” Bukele wrote, referring to the citizenship offer accelerated the country for foreign investors in Bitcoin. Reuters reported in December that foreigners who made bitcoin “donations” to government programs would be eligible.
Bukele’s tweet came the same day as Bitcoin crossed the $60,000 threshold for the first time since November 2021, fueled largely by interest in recently launched spot Bitcoin ETFs and this spring’s Bitcoin halving event, which will reduce the amount of Bitcoin rewarded by miners, fueling the scarcity narrative which is an underlying long-term factor. bull case for cryptocurrency.
According to a CoinDesk According to one analysis, El Salvador holds a total of 2,381 bitcoins, purchased at an average price of $44,292.
Bitcoin was trading at $62,479 on Thursday morning, up about 5%.
Bukele made waves in 2021 when he made El Salvador the first country to adopt cryptocurrency as legal tender. After taking office, he also introduced a crypto wallet to spread adoption and began purchasing tokens as investments, drawing criticism from market watchers and commentators, including those at the Fund international monetary policy.
“We will not sell, of course; in the end, 1 BTC = 1 BTC (this was true when the market price was low and it is true now); but it is very telling that the authors of these pieces to success, the “analysts”, the “experts”, the “journalists” are now completely silent,” Bukele continued. “Remember this, next time they spread lies about El Salvador again.”
Earlier this month, Bukele won a landslide re-election victory in El Salvador.