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El Salvador, the pioneering nation in approving Bitcoin as legal tender, has persisted in its HODL strategy, even amid market crashes two years ago and this week's significant ATH surge.
The country began purchasing Bitcoin in September 2021 when its value was $51,769. President Nayib Bukele's Bitcoin strategy came under scrutiny as its value dropped from $69,000 in November 2021 to $16,000 a year later. However, the investment regained profitability as Bitcoin surpassed the average purchase price of $42,600 in February.
According to data from its Bitcoin tracking agency, El Salvador holds 2,864 Bitcoin, currently valued at $188 million, acquired through 12 transactions at an average price of $42,630 per transaction. With Bitcoin growing 176% over the past year according to today's market, El Salvador's unrealized gains have reached $66 million, representing a 54% profit on the initial investment.
Although this figure is based on publicly tracked data, it does not account for all of the country's Bitcoin holdings. President Nayib Bukele mentioned in a tweet on Tuesday that the country has acquired more Bitcoin through additional revenue streams.
These include proceeds from a unique citizen passport program involving the exchange of Bitcoin for USD to benefit local businesses, profits from BTC mining operations, and revenue generated from various services provided by the government.
Additionally, in December last year, El Salvador launched the "Golden Visa" initiative, offering residency to 1,000 individuals annually who invest at least $1 million in Bitcoin or Tether (USDT) stablecoin.
El Salvador moves its Bitcoin to cold wallets
This week, President Bukele announced on Twitter that the country has established its first Bitcoin "savings account," securely stored in a vault within its national borders. He shared a picture showing a wallet containing 5,689.68 Bitcoin, valued at $406 million. |
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Post time 25-3-2024 08:15:07