El Salvador’s Bitcoin Holdings Record $164 Million As BTC Gains Pass $50 Million
Bitcoin held by the government of El Salvador is now worth over $150 million.
According to the latest data from the BitcoinTreasuries tracker, El Salvador's Bitcoin (BTC) holdings have risen by $50 million relative to their cost.
El Salvador returns BTC based on the pony cost
Bitcoin was approved as legal tender in El Salvador in 2022, and since then the country's trash has gone from bear market clothing to record wealth.
It has accumulated about 2,380 BTC ($158.5 million) since President Naib Bukele announced that the government would start buying 1 BTC per day.
On March 5th, Bitcoin's new all-time high was $164.7 million – fully 53% more than El Salvador's total spending. Each BTC was bought for an average of $44,300.
In a recent commentary on X, Bukele, who was re-elected in February, criticized the mainstream media's presentation of the government's economic policy.
“They wrote thousands of articles about our losses when the market price of Bitcoin was low. “Now that the Bitcoin market is so high, if we were to sell, we would make more than 40% profit (just from market purchases) and our main source of BTC is now our citizenship program,” he said last week.
“We don't sell or course; in the end 1 BTC = 1 BTC (this was true when the market price was low and it is true now); but it is very sad that the authors of those popular articles, ‘analysts', ‘experts', ‘journalists' are now completely silent is it.
Before the pack?
Despite the attention given to its BTC pillar, El Salvador is the lone wolf among nation-states in adopting the “Bitcoin Standard”.
Related: What 15% BTC Price Crash? Bitcoin bulls charge higher when $67,000 returns
Although there are rumors of other countries in South America and other countries, nothing has been officially announced yet.
One of the most confident of nation-state adoption is Samson Mou, whose company Jan3 aims to “accelerate hyperbitcoinization.”
In an appearance on the Bitcoin Podcast, Mow listed national governments as key buyers of Bitcoin exchanges, in addition to corporations and institutional buyers.
“You have buyers who don't value increases,” he explained, including retail investors who buy very small increments.
This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.
