Since Adopting Bitcoin as Currency, El Salvador Profits Increase $84 Million

This article originally appeared on CDM.press and was republished with permission.

El Salvador was the first country to adopt Bitcoin as an official currency in 2021. The government of El Salvador also began purchasing BTC for its currency reserves at that time.

The nation owns approximately 2,380 BTC.

El Salvador’s treasury is now sitting on $84 million in unrealized profit from their $BTC purchases that started in September 2021.

“When bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses,” Mr Bukele wrote on X, formerly Twitter, on Thursday, when bitcoin was trading at around $60,000.

When #Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses.

Now that #Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our…

— Nayib Bukele (@nayibbukele) February 28, 2024

“Now that bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40 per cent (just from the market purchases), and our main source of BTC is now our citizenship program.

“We won’t sell, or course; at the end 1 BTC = 1 BTC (this was true when the market price was low and it’s true now); but it’s very telling that the authors of those hit pieces, the ‘analysts’, the ‘experts’, the ‘journalists’, are totally silent now. Remember this, next time they spill lies again about El Salvador.”

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