Editor’s note: This story has been updated with recent figures about El Salvador’s returns on its Bitcoin investment.
El Salvador, the first nation state to adopt Bitcoin BTC/USD as a means of payment, is up $68 million on its investments, according to on-chain analysis.
What Happened: Spotonchain data shows El Salvador’s strategic Bitcoin investments, led by president Nayib Bukele, have reaped gains of $24.54 million. Starting Nov. 18, 2022, the country purchased one bitcoin daily, bringing its total holdings to 5,931 bitcoin as of Nov. 11, 2024. The country’s unrealized profit and loss stands at $68.66 million, with Bitcoin trading at $82,450.
Also Read: Bitcoin As America’s Gold? How Trump’s Bitcoin Act Could Reshape US Reserves
El Salvador’s embrace of Bitcoin, recognized as legal tender since 2021, has positioned it as a leader in crypto adoption. Bukele’s initiatives included a proposal for a national Bitcoin bank just two weeks into his second term.
His ambitious “Bitcoin City” project, has attracted major investments like Yilport Holding’s $1.6 billion in the country’s seaports. This marks largest private investment in the nation’s history.
Bitcoin influencer Max Keiser commended El Salvador for its Bitcoin strategy, saying the “American dream is alive” in the country. However, the country’s ‘passports for Bitcoin‘ initiative has not seen any interest yet and president Bukele admitted that Bitcoin uptake has not been a resounding success.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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Publish date : 2024-11-11 00:47:00
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