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President Bukele is relieved and proud! El Salvador's BTC unrealized profits exceeded $333 million
Salvadoran President Nayib Bukele revealed data on the country's BTC investment portfolio last week, echoing BTC's first breakthrough of $100,000. The country's total accumulated investment in BTC is about $269.7 million, with unrealized profits exceeding $333 million. Nayib Tracker data shows that El Salvador currently holds 6,181 BTC, with an average purchase price of about $44,739.88.
pic.twitter.com/WiOAYg6Ztx
— Nayib Bukele (@nayibbukele) December 5, 2024
As a staunch supporter of Bitcoin, President Nayib Bukele celebrated the $100,000 milestone in a grand manner. He taunted critics by sharing screenshots, revealing that the government's BTC investment policy over the past two years has resulted in unrealized profits of over $300 million, bringing the current valuation of the country's BTC investment to over $600 million.
The significant rise in the value of BTC is driven by the momentum after Trump's election as president, as well as his nomination of a Cryptocurrency advocate as the chairman of the US Securities and Exchange Commission (SEC). Cryptocurrency advocate Elon Musk responded to the president's announcement with the term "impressive".
In mid-2021, BTC was designated as legal tender, when the value of this cryptocurrency was about $36,000. Despite warnings from international financial organizations such as the International Monetary Fund (IMF), President Bukele's government continued to purchase and hold BTC.
Carlos Acevedo, former president of the Central Bank of El Salvador, praised the Bukele government for its move on BTC, especially considering the optimistic sentiment of the market towards cryptocurrency-friendly governments following Trump's election. However, he pointed out that although there is profit, it is still unrealized until the government's BTC is sold.
President Bukele breathed a sigh of relief! El Salvador's BTC unrealized profits exceed 3.33 billion US dollars. This article was first published in "Block Client".