El Salvador benefits from record bitcoin gains. President Bukele proudly presented the profit from his investment in bitcoin, which exceeded USD 84 million. This news came as the cryptocurrency king reached a new ATH of over $72,000. El Salvador's strategic investment in bitcoin has made the country a pioneer in the digital asset sphere.
El Salvador is benefiting from the boom, and the president announces further investments
As of 2021, El Salvador has been actively purchasing Bitcoin, accumulating a total of 2,861 BTC at an average price of $42,599 each. El Salvador is benefiting from the boom as assets are now worth over USD 206 million. This means an increase in the value of the portfolio by over 69%. It is worth noting here that El Salvador benefits not only from the increase in the bitcoin price, but also from innovative sources of income that are directly related to Satoshi Nakamoto's cryptocurrency.
These sources include the BTC to USD conversion service for local companies, the state-owned BTC mining industry (a world-famous mine based on volcanic power), and payment for government services using bitcoin. The set of initiatives demonstrates El Salvador's holistic approach to using cryptocurrency for economic development. El Salvador has become a global pioneer and popularizer of bitcoin adoption, and delegations from this country have appeared at the most important industry events.
President Bukele's long-term plans based on bitcoin
President Nayib Bukele has definitely more ideas for further bitcoin-based investments. In December 2023, a new immigration law was passed that offers foreigners accelerated citizenship if they donate bitcoins for national development. Bukele's re-election in February this year underlined public support for his bitcoin development strategy. El Salvador benefits not only in terms of PR, but above all economically.
In January, Bukele announced the full repayment of the $800 million debt, plus interest. This achievement is in line with the government's plans to build a tax-free cryptocurrency haven and introduce BTC-based bonds. There are still plans to build a Bitcoin City, which, thanks to the bull market, is considered a very lucrative investment.
