El Salvador’s Bitcoin Bet Pays Off: $24.54 Million Profit, 81% Gain
- Barbara StreisandOriginal
- 2024-11-09 18:06:21389browse
El Salvador now holds over 5,928 BTC, valued at $454.39 million. El Salvador’s “Bitcoin City” project reflects ongoing commitment to cryptocurrency growth.
El Salvador’s bold strategy of buying one Bitcoin daily has paid off handsomely, netting the country a profit of $24.54 million, an impressive 81% gain on its total investment. This strategy was put in place in November 2022, with President Nayib Bukele committing to buying one BTC each day as prices hit four-year lows of $16,700.
El Salvador’s Bitcoin holdings now stand at over 5,928 BTC, valued at $454.39 million. This marks a significant increase in the country's crypto reserves, which have been steadily growing through consistent purchases.
El Salvador’s bold embrace of Bitcoin continues with the ambitious "Bitcoin City" project, which will be powered by geothermal energy and funded through bonds linked to Bitcoin. This project reflects the country's deep commitment to cryptocurrency and its vision for a unique energy-efficient city centered around digital assets.
As Bitcoin’s price hit a new all-time high of $77,252, El Salvador's strategy of buying the dip and holding on has generated remarkable gains, with profits now standing at $24.54 million—a 81% return on its total investment. This strategy, which began on November 18, 2022, has seen the country accumulate 722 BTC at an average price of below $42,000 per coin.
El Salvador currently holds around 5,928.76 Bitcoins, valued at approximately $454.39 million, according to Memepool. The government has been steadily increasing its Bitcoin reserves by purchasing 1 BTC each day.
El Salvador's gains are driven by both Bitcoin's price increase and smart timing, according to blockchain analytics platform SpotOnChain. By purchasing Bitcoin during a market dip, the country positioned itself to benefit from the recent recovery in the crypto market. This consistent strategy has brought El Salvador one of its highest returns from crypto investments to date, highlighting the potential of a long-term approach in the digital asset world.
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