El Salvador Reports 127% Gains as Bitcoin Surpasses $100,000
Nayib Bukele, president of El Salvador, celebrated as Bitcoin #BTC surpassed $100,000, achieving a market valuation of $2 trillion. El Salvador has been purchasing 1 BTC daily for months and is now significantly profitable.
In a post on social media platform X (formerly Twitter), Bukele shared the country’s crypto wallet with his 6.7 million followers, showing holdings worth approximately $603,340,991, up 117% year-to-date. The data from Nayibtracker indicates that El Salvador owns 6,178 BTC.
El Salvador's total investment in Bitcoin amounts to $269,743,800.80, with unrealized gains of $333,597,190.20. The portfolio value has increased since the crypto winter of 2022. Elon Musk praised Bukele’s strategy, calling it “impressive,” while the broader crypto community acknowledged Bukele's commitment to Bitcoin during challenging times.
Bukele announced the plan to buy 1 BTC daily in November 2022, facing skepticism from many, including the International Monetary Fund (IMF), which advised caution regarding exposure to BTC.
When El Salvador began buying BTC, its price was around $36,000, reaching an all-time high of $103,900.47. Bitcoin's market dominance rose to 54.5%, fueled by market enthusiasm following the election of pro-crypto candidate Donald Trump.
El Salvador has implemented various initiatives for Bitcoin adoption, including Bitcoin bonds and thermal energy mining. Recently, the country launched a Bitcoin training and certification program aimed at educating over 80,000 civil servants.
What’s Next for Bitcoin?
Discussions are ongoing in the U.S. about recognizing Bitcoin as a strategic reserve asset under the new pro-crypto administration of Trump. Several states are considering legislation to make BTC legal tender, while companies like Hut 8 continue acquiring BTC as a strategic reserve asset.
As Bitcoin reached $100,000, the president-elect congratulated the digital asset community, while Binance co-founder Changpeng Zhao (CZ) noted that Bitcoin retains its value despite inflation affecting fiat currencies.