7M
...
El Salvador’s decision to adopt Bitcoin as legal tender has proven lucrative, with President Nayib Bukele announcing a profit of $265 million on their Bitcoin investment. Starting with an investment of $135 million, the nation’s Bitcoin assets have surged to $400 million. Bukele highlighted that the increase has benefited not just the government but also Salvadorans who adopted the digital currency early, due to the substantial appreciation in Bitcoin’s value this year.
The country’s strategic acquisitions of Bitcoin during market lows have yielded a profit margin exceeding 38%, with current holdings at 5,856 BTC. The adoption has also expanded financial inclusion, allowing citizens to transact in Bitcoin at major outlets including McDonald’s and hotels, which Bukele cites as a significant boost to the local economy and tourism.
Despite skepticism, Bukele emphasized the absence of negative impacts from Bitcoin adoption, pointing out the global financial sector’s growing embrace of Bitcoin, including significant investments from major funds. With an eye on the future, Bukele remains optimistic about Bitcoin’s role in El Salvador’s economic development.
