Monday, 24 June 2024
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El Salvador Hits $12.6 Million in Profits from Bitcoin

  • El Salvador has made $12.6 million from its Bitcoin investment.
  • A month ago, President Nayib Bukele said that the country was once again financially stable.
  • In 2021, El Salvador became the first nation to accept Bitcoin as legal tender

Despite two years of financial difficulties, El Salvador has made $12.6 million from its Bitcoin investment. The nation purchased 700 Bitcoins in September 2021, paying between $47,250 and $52,670 for each coin.

A month ago, President Nayib Bukele said that the country was once again financially stable. The nation’s holdings of Bitcoin climbed to 2,798 units by November 2022, valued at $131.3 million. The country has profited from this calculated action since Bitcoin’s value has increased by 75% since October.

El Salvador

In 2021, El Salvador became the first nation to accept Bitcoin as legal tender, a move that piqued curiosity in other countries. Under the leadership of President Javier Milei, Argentina might follow suit, particularly given the country’s struggles with hyperinflation.

Divergent views exist among the public on El Salvador’s adoption of Bitcoin; some commend the nation’s leadership and see potential for Bitcoin tourism.

Some are more circumspect, citing scant research on Bitcoin’s function in El Salvador’s remittance system and raising doubts about whether increases in tourism can be entirely attributable to it.

The SEC’s decision regarding the Bitcoin ETF is highly anticipated by the cryptocurrency industry since it may signify a sea change in investor sentiment and the state of the market. Either El Salvador’s Bitcoin wager is a game-changer or it’s too early to say whether it’s a dangerous investment that will affect finance going forward.

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