El Salvador’s Bitcoin Hits $300M High – President
El Salvador's president, Naib Buquele, highlighted the country's windfall in Bitcoin investments on social media after the cryptocurrency topped $100,000 for the first time.
On December 5, Bitcoin (BTC) reached $100,000 for the first time, which sparked celebrations in the crypto community. That same day, Autism Capital, a crypto-focused account on X, asked Bukele to “deploy the haters” of El Salvador's bitcoin portfolio. Buckele responded by posting the country's BTC holdings on X.
Source: Naib Bookel
Buckele's latest update shows that the country has spent nearly $270 million in bitcoins since its inception. The portfolio has not sold any Bitcoin, and the unconfirmed profit is now more than 333 million dollars.
El Salvador's Bitcoin Journey
El Salvador was the first country to accept Bitcoin as legal tender. On September 7, 2021, the country's Bitcoin Law went into effect, making BTC a legally recognized currency for transactions in El Salvador. On September 6, the government bought the first 200 BTC.
Since then, El Salvador has continued to acquire Bitcoin. In the year On November 17, 2022, Buckele announced a Dollar-Cost Averaging (DCA) strategy, committing to buy one bitcoin every day.
Naib Tracker, a platform dedicated to tracking the country's bitcoin investments, reports that El Salvador holds 6,180 BTC. The tracker estimates the average purchase price at $44,739.88 per bitcoin, which means the country is up 122 percent from its current market value.
In addition to BTC gains, El Salvador has reported other benefits since adopting Bitcoin. The country's decision to use Bitcoin has also boosted tourism.
Related: US Bitcoin ETFs Now Hold More BTC Than Satoshi Nakamoto
The IMF called on El Salvador to eliminate Bitcoin
Despite the country's touted success, the International Monetary Fund (IMF) has consistently urged El Salvador to reconsider its Bitcoin policy.
In the year On January 25, 2022, the IMF asked El Salvador to stop issuing BTC as legal tender, citing financial stability concerns despite the possibility of financial inclusion.
On October 3, the IMF renewed its call for El Salvador to reduce its Bitcoin policies. IMF Communications Director Julie Kozak has recommended narrowing the scope of the country's Bitcoin legislation and limiting the public sector's exposure to Bitcoin.
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