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President Nayib Bukele Flexes El Salvador’s $357M Paper Gain In Bitcoin
Nayib Bukele, the president of El Salvador, recently flexed the status of his country’s Bitcoin (BTC) treasury in a post on X. Based on the screencap that came with the tweet, the Central American nation’s cryptocurrency investment has already appreciated to over $644.42 million.
The numbers indicate a $357.24 billion unrealized profit in its $287.18 million investment for 6,181 BTC. Doing the math, Bukele seemingly took the figures while the digital asset was trading at around $104K in the wee hours of Monday (UTC).
The Paper Gains of El Salvador From Bitcoin
At BTC’s fluctuations between a $102,112.69 low and a $107,068.72 high in the last 24 hours, El Salvador’s paper gain swung between $343.94 million and $374.61 million. The country, under the leadership of Bukele, notably started buying Bitcoin in September 2021. Following the launch of its “one Bitcoin per day” commitment in November 2022, the nation has been unwavering in its BTC accumulation.
Despite warnings from the International Monetary Fund (IMF) about the risks of exposing its treasury to the volatile crypto asset, El Salvador’s on-chain records at Arkham Intelligence show a consistent acquisition of at least one Bitcoin daily. The Bukele administration supplements its BTC accumulation strategy with Bitcoin mining powered by natural volcanic geothermal energy.
Rent a Volcano Bitcoin Mining Program
As of November last year, El Salvador claimed it mined 474 BTC worth $46 million from its new venture. Along the way, Bukele announced the country’s “rent your volcano to mine Bitcoin” initiative, leveraging the abundance of volcanic geothermal energy in the location from its 170 volcanoes.
For the crypto community, El Salvador’s Bitcoin success clearly illustrates what a country could achieve if it commits itself to a particular goal. One even said that Bukele is “no longer just playing the game; he’s setting the rules.” This means that he is already positioning himself and his country to be a significant presence in the future of digital finance. While others are still debating the merits of BTC or whether it is a scam, El Salvador is showing results and continues to stack on the asset.
Others expressed concern about what could happen if investors suddenly lose faith in Bitcoin and start dumping their holdings. Of course, there’s the usual narrative emphasizing BTC’s underlying volatility. However, these are clearly FUD, which is parroted by those who desperately cling to old systems and cannot cope with the ongoing evolution of the financial space.
Quoting CNBC’s Tanaya Macheel, “One of the hardest things for traders to wrap their heads around is the fact that day to day [Bitcoin] does trade like a risk asset, but medium long-term, it trades like a safe haven.” This is reinforced by the fact that BTC never fails to log a new all-time high at every cycle against the backdrop of fiat currencies’ continuous devaluation.