El Salvador President Nayib Bukele has disclosed that the nation’s Bitcoin holdings have exceeded $600 million in valuation. Sharing a screenshot on X, the President Nayib Bukele highlighted the significant increase in the Bitcoin portfolio, which occurred alongside cryptocurrency surpassing the $100,000 milestone for the first time.
Having initially invested around $269.7 million in Bitcoin, El Salvador now boasts a current valuation of approximately $603 million, yielding an unrealized profit of over $333 million. According to Arkham Intelligence, El Salvador’s Bitcoin holdings currently stand at nearly 6,000.
Tesla and SpaceX CEO Elon Musk, a prominent cryptocurrency advocate, responded to the series of tweets from the President’s with the word “Impressive.”
Bukele then reshared Musk’s reply with a meme, “It ain’t much, but it’s honest work.”
Currently priced at $103,465.81, Bitcoin’s surge followed Donald Trump’s win in the recent US election. The President-elect’s announcement to appoint a cryptocurrency supporter as the head of the Securities and Exchange Commission ignited enthusiasm within the crypto market, propelling Bitcoin’s rally. Trump nominated Paul Atkins for SEC chair, a choice seen as favorable for crypto regulation. Since Trump’s election win, Bitcoin has risen by about 45%, driven by an influx of money into Bitcoin-backed exchange-traded funds (ETFs) in the US.
El Salvador made Bitcoin legal in 2021
El Salvador’s unwavering support for Bitcoin, making it legal tender in mid-2021 when the cryptocurrency was valued around $36,000, distinguishes the country from others who have not taken similar steps. Despite warnings from international financial groups like the International Monetary Fund (IMF), the President’s government has consistently purchased and held Bitcoin.
The tiny Central American country has long used the dollar as currency, but Bukele promised bitcoin would provide new opportunities for El Salvador’s unbanked and cut out money transfer services from the remittances Salvadorans abroad send home. The government offered $30 in Bitcoin to those who signed up for digital wallets.
