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Glossary
El Salvador gambled on Bitcoin by making it legal tender, and the decision has proven to be a lucrative venture, with President Nayib Bukele’s strategic buying approach now reaping substantial rewards.
Bitcoin and El Salvador
This success story began in September 2021, when El Salvador initiated its foray into the world of Bitcoin, making it legal tender within its borders. The initial purchase of 200 coins took place at a time when Bitcoin was trading at $51,769.
Bitcoin’s Move to ATH
The turning point came in February, when Bitcoin prices surpassed the dollar-cost average of $42,600, bringing the portfolio back to break-even. Since then, a recent rally catapulted Bitcoin prices to a new all-time high above $72,000 on March 11, resulting in the entire portfolio, consisting of 2,861 BTC, being valued at an impressive $207.3 million.
President Bukele, buoyed by this success, highlighted additional sources of Bitcoin revenue. These include income generated from the country’s passport program, profits from converting BTC to USD for local businesses, revenue from BTC mining, and income from government services.
El Salvador Continues to Invest in Bitcoin
El Salvador’s innovative approach to Bitcoin extends beyond mere investment. In December, the country enacted a migration law offering expedited citizenship to foreigners contributing Bitcoin donations for government social and economic development programs.
In October, El Salvador further solidified its position in the crypto space by launching its first Bitcoin mining pool through a partnership between Volcano Energy and Luxor Technology.
As Bitcoin continues its upward trajectory, there is optimism that El Salvador’s financial outlook will further improve.
BTC to $100K
President Bukele, recently re-elected in a landslide victory in February, expressed his frustration with media scrutiny during Bitcoin’s market lows, stating,
“When Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses.”