Crypto:
30251
Bitcoin:
$66.270
% 1.46
BTC Dominance:
%54.5
% 0.21
Market Cap:
$2.38 T
% 1.77
Fear & Greed:
74 / 100
Bitcoin:
$ 66.270
BTC Dominance:
% 54.5
Market Cap:
$2.38 T

El Salvador’s Bitcoin Holdings Accumulate $84 Million in Profit

El Salvador

President Nayib Bukele revealed in a recent post that the Central American nation is generating revenue through various channels from its bitcoin holdings.

El Salvador’s bitcoin treasury currently boasts an unrealized profit of $84 million from the holdings it initiated acquiring in September 2021.

With bitcoin surging by 250% over the past year, the nation’s bitcoin treasury has soared to over $206 million as of Tuesday, marking a remarkable 69% gain on the initial investment. Data indicates that El Salvador holds 2,681 BTC, accumulated through 12 separate purchases at an average cost of $42,600.

In 2021, El Salvador made history by enacting the groundbreaking “Bitcoin Law,” which placed bitcoin on equal footing with the U.S. dollar, becoming the first country to recognize bitcoin as legal tender. Since then, bitcoin can be used to pay for goods, services, and taxes within the country.

President Nayib Bukele highlighted in a post on Tuesday that the nation is earning additional bitcoin revenue through various services. These include income from a citizenship passport program, which converts bitcoin to U.S. dollars for local businesses, bitcoin mining activities, and revenue generated from government services.

In December, El Salvador introduced its “Freedom VISA,” offering residency to a maximum of 1,000 individuals annually who invest at least $1 million worth of bitcoin or tether (USDT) stablecoins. Successful applicants receive long-term residency permits and have a pathway to full citizenship, according to reports.


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