Satoshi

Vision

Bitcoin

Million

<ul>
 <li>El Salvador’s Bitcoin (BTC) holdings have reached over $500 million, fueled by the latest rally pushing BTC past $90,000.</li>
 <li>President Nayib Bukele’s accumulation strategy is proving profitable, with BTC prices up nearly 95% since El Salvador’s significant Bitcoin purchases.</li>
</ul>
In a striking development for the global cryptocurrency market, <a href="https://www.ethnews.com/can-trumps-bitcoin-strategy-propel-america-to-economic-revival/" rel="noopener noreferrer nofollow">Bitcoin</a> surged beyond the $90,000 mark, sparking a response from El Salvador’s President Nayib Bukele, a vocal proponent of BTC accumulation.
On the social media platform X (formerly Twitter), Bukele celebrated this significant milestone with a simple declaration:
<blockquote>
 “I told you so,”
</blockquote>
reflecting his unwavering belief in <a href="https://www.ethnews.com/bitcoins-market-cap-rises-to-1-756-trillion-now-8th-largest-global-asset-surpassing-silver/" rel="noopener noreferrer nofollow">Bitcoin</a>’s long-term value. This statement highlights Bukele’s steadfast commitment to his country’s BTC-centered economic strategy, which has now culminated in El Salvador’s Bitcoin assets exceeding a value of $500 million.
The recent price jump, which saw Bitcoin surge over 10% on November 11, represents the highest single-day gain recorded for BTC. The rally lifted <a href="https://www.ethnews.com/bitcoin-nears-90000-with-u-s-bitcoin-etfs-seeing-1-1-billion-in-entries-the-second-highest-since-january-2024/" rel="noopener noreferrer nofollow">Bitcoin</a> from approximately $81,000 to a high of $89,900, creating a ripple effect across the cryptocurrency market and further validating El Salvador’s unprecedented move to adopt Bitcoin as legal tender.
This latest increase comes on the heels of an uptrend in Bitcoin prices that analysts attribute to the recent election victory of former U.S. President Donald Trump. Trump’s return to the political scene has sparked increased optimism across financial markets, and <a href="https://www.ethnews.com/robert-kiyosaki-shares-his-bitcoin-holdings-and-market-predictions/" rel="noopener noreferrer nofollow">Bitcoin</a> appears to be benefiting from this renewed interest, reinforcing its perceived status as a hedge against traditional financial fluctuations.
An added catalyst in Bitcoin’s rise has been the heightened activity surrounding <a href="https://www.ethnews.com/forecasts-and-support-zones-where-might-bitcoins-price-land-in-a-correction/" rel="noopener noreferrer nofollow">Bitcoin</a>-based exchange-traded funds (ETFs). November 11 also saw record inflows into BTC ETFs, exceeding $1 billion, which signals institutional investors’ increasing confidence in the cryptocurrency sector.
This interest in ETFs reflects a wider acceptance of <a href="https://www.ethnews.com/microstrategys-bitcoin-investment-return-stood-at-26-4-by-november-10-2024-surpassing-other-firms-like-marathon-digital-holdings/" rel="noopener noreferrer nofollow">Bitcoin</a> as an investment asset, potentially signaling more mainstream adoption of cryptocurrencies.
Bukele’s long-standing advocacy for BTC accumulation has shaped <a href="https://www.ethnews.com/el-salvadors-bitcoin-revolution-highlighted-as-harvard-case-study/" rel="noopener noreferrer nofollow">El Salvador</a>‘s economic landscape significantly. Since 2021, the government has steadily increased its Bitcoin holdings through routine purchases, famously initiating a daily acquisition of one BTC starting in November 2022.
This strategy, alongside <a href="https://www.ethnews.com/bitcoin-price-surge-bullish-momentum-drives-btc-to-new-highs/" rel="noopener noreferrer nofollow">Bitcoin</a> mining initiatives powered by volcanic energy, has proven remarkably profitable. Current returns on these purchases reportedly exceed 95%, underscoring the viability of Bukele’s BTC-centric approach despite initial criticism from various financial authorities and global analysts.
Even during Bitcoin’s market downturn in mid-2022, <a href="https://www.ethnews.com/cryptocurrency-trends-in-latin-america-a-closer-look-at-el-salvador-and-paraguay/" rel="noopener noreferrer nofollow">El Salvador</a> doubled down on its BTC commitment, acquiring additional assets at an average price of $19,000 per BTC.
These strategic acquisitions have since seen unrealized gains as high as 332.8%, a significant figure that strengthens the credibility of Bukele’s decision to make El Salvador the first country globally to recognize <a href="https://www.ethnews.com/cardano-ada-litecoin-ltc-lag-behind-bitcoins-greed-driven-rally-should-holders-be-concerned/" rel="noopener noreferrer nofollow">Bitcoin</a> as an official currency.
This commitment to digital assets has not only increased <a href="https://www.ethnews.com/el-salvador-touted-as-new-beacon-of-freedom-by-tether-ceo-following-high-profile-arrest/" rel="noopener noreferrer nofollow">El Salvador</a>’s wealth but also heightened the country’s influence on the global stage, particularly within the emerging digital finance sector.
The global Bitcoin community has responded positively to Bukele’s endorsement of BTC, with notable figures like Dennis Porter, CEO and Co-founder of the Satoshi Act Fund, commending <a href="https://www.ethnews.com/el-salvador-strengthens-bitcoin-self-custody-with-landmark-legislation-amendment/" rel="noopener noreferrer nofollow">El Salvador</a>’s pioneering role in the cryptocurrency space.
Porter emphasized the historical significance of El Salvador’s <a href="https://www.ethnews.com/u-s-eyes-bitcoin-reserves-following-trumps-election-win/" rel="noopener noreferrer nofollow">Bitcoin</a> adoption, indicating that the country is setting a precedent for other nations considering integrating digital assets into their financial systems.
As Bitcoin’s value continues to rise, so too does <a href="https://www.ethnews.com/el-salvador-proposes-using-bitcoin-for-trade-with-russia/" rel="noopener noreferrer nofollow">El Salvador</a>’s prominence in the digital economy. The country’s growing BTC reserves reflect the transformative potential of cryptocurrencies on a national scale, showcasing how strategic asset accumulation can shift both financial trajectories and geopolitical relevance.
<div class="cryptoboxes" id="mcw-12344" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="BTC" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div>
The post <a href="https://www.ethnews.com/el-salvadors-500-million-bitcoin-bet-bukeles-vision-validated-as-btc-surges-past-90000/" rel="noopener noreferrer nofollow">El Salvador’s $500 Million Bitcoin Bet: Bukele’s Vision Validated as BTC Surges Past $90,000</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

El Salvador’s $500 Million Bitcoin Bet: Bukele’s Vision Validated as BTC Surges Past $90,000

ETHNews

Other articles published on Nov 14, 2024

BIT Mining (NYSE: BTCM) Invests in Prosper’s Native Tokens to Support New Focus on Bitcoin Mining

GIGA Token Holder Loses $6.09M in Phishing Scam

Tether Makes Waves: $8B USDT Minted in 8 Days, Fueling Bitcoin's Record-Breaking Surge

Top 5 Avalanche Meme Coins to Watch in 2024

3 Promising Crypto Coins Poised for Major Gains if Bitcoin Hits $100K by Year-End!

Binance Announces Usual (USUAL) as the 61st Project on Launchpool

Join our free newsletter for daily crypto updates!