[International]El Salvador Loses 60% Two Years Ago On Bitcoin Surge → 90% Revenue ‘Awesome’

Central America El Salvador, which has adopted cryptocurrency as its legal currency, is benefiting from a surge in the price of Bitcoin, a virtual currency.

According to the Office of Bitcoin (ONBTC), directly under the President of El Salvador, on the 11th local time, El Salvador’s government currently holds 5,930.77 Bitcoin.

As of 10 a.m. on the 11th of San Salvador time, it is equivalent to about $52.19 million (worth KRW 731.3 billion), and if you look at the private website NiveTracker, which analyzes investment gains and losses in real time, the unrealized selling profit is around 90%.

Compared to the situation where we were losing around 60% around Nov. 15, 2022, the indicators reversed in two years as if we were sitting on a roller coaster.

El Salvador is the first country in the world to introduce Bitcoin as a fiat currency in 2021, and is using the national budget to buy Bitcoin.

The El Salvador government has dubbed it the Strategic Bitcoin Reserve (SBR).

This reflects the will of President Naive Bukele, 43, to push the policy with maverick leadership to the point where he calls himself a “dictator.”

President Bukele, who began his second term (five years) in June, started investing in bitcoin, skipping the social consensus process, and last year he was also given a stinging lesson by the International Monetary Fund (IMF) to “reconsider relevant policies on virtual currency” at one point, losing around 60%.

However, in November 2022, he adhered to the philosophy of “buy low and buy 1 bitcoin every day” while encouraging officials to take strategies to guarantee bitcoin as an asset, such as mining geothermal energy-based bitcoin, issuing bitcoin bonds, and activating cryptocurrency transactions.

At around 9:40 a.m. on the 11th, El Salvador’s Bitcoin office said on X (X, formerly Twitter), “Strategic Bitcoin reserves have raised the value of legal currency by nearly $25 million in 24 hours,” and emphasized, “First Mover countries are succeeding.”

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Publish date : 2024-11-11 11:04:00

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