Satoshi

Satoshi Nakamoto

Bitcoin

Autism

Salvadoran President Nayib Bukele highlighted the country’s unrealized gains from its Bitcoin investments on social media after the cryptocurrency surpassed $100,000 for the first time.
On Dec. 5, Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-price-hits-100-000-first-time-new-all-time-high" rel="noopener noreferrer nofollow" target="null" text="null" title="null">reached $100,000 for the first time</a>, sparking celebrations within the crypto community. That same day, Autism Capital, a crypto-focused account on X, <a data-ct-non-breakable="null" href="https://x.com/AutismCapital/status/1864505429512028251" rel="noopener noreferrer nofollow" target="_blank" text="null" title="https://x.com/AutismCapital/status/1864505429512028251">asked</a> Bukele to share El Salvador’s Bitcoin portfolio to “dunk on the haters.” Bukele responded by posting the country’s BTC holdings on X.
<figure><img alt="El Salvador" src="https://s3.cointelegraph.com/uploads/2024-12/0193a609-14ee-751a-946d-806c5fe82255" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/nayibbukele/status/1864506095131144278" rel="noopener noreferrer nofollow" target="null" text="null" title="https://x.com/nayibbukele/status/1864506095131144278">Nayib Bukele</a>
 </figcaption>
</figure>
Bukele’s latest update shows the country has spent nearly $270 million on Bitcoin since its initial adoption of the cryptocurrency. The portfolio shows no Bitcoin has been sold, and unrealized gains now exceed $333 million.
<h2 id="el-salvador-s-bitcoin-journey">El Salvador’s Bitcoin journey</h2>
El Salvador was the first country to adopt Bitcoin as a legal tender. On Sept. 7, 2021, the country’s Bitcoin Law <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/september-7-is-bitcoin-day-in-el-salvador-as-btc-becomes-legal-tender" rel="noopener noreferrer nofollow" target="null" text="null" title="null">came into effect</a>, officially making BTC a currency legally recognized for financial exchanges within El Salvador. On Sept. 6, the government also <a data-ct-non-breakable="null" href="https://x.com/nayibbukele/status/1434968475928248331" rel="noopener noreferrer nofollow" target="null" text="null" title="null">purchased</a> its first 200 BTC.
Since then, El Salvador has continued to acquire Bitcoin. On Nov. 17, 2022, Bukele announced a dollar-cost averaging (DCA) strategy, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/nayib-bukele-announces-bitcoin-prescription-for-el-salvador-1-btc-a-day" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/nayib-bukele-announces-bitcoin-prescription-for-el-salvador-1-btc-a-day">committing to buy one Bitcoin daily</a>.
Nayib Tracker, a platform dedicated to tracking the country’s Bitcoin investments, reports that El Salvador holds 6,180 BTC. The tracker estimates the average purchase price at $44,739.88 per Bitcoin, meaning the country is up 122% based on current market prices.
Besides BTC profit, El Salvador has reported other benefits since adopting Bitcoin. The country’s decision to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/el-salvador-s-bitcoin-decision-tracking-adoption-a-year-later" rel="noopener noreferrer nofollow" target="_self" text="null" title="https://cointelegraph.com/news/el-salvador-s-bitcoin-decision-tracking-adoption-a-year-later">adopt Bitcoin also boosted tourism</a>.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etfs-flip-satoshi-nakamoto-total-held-btc" rel="noopener noreferrer nofollow" target="null" text="null" title="null">US Bitcoin ETFs now hold more BTC than Satoshi Nakamoto</a>
<h2 id="imf-calls-on-el-salvador-to-ditch-bitcoin">IMF calls on El Salvador to ditch Bitcoin</h2>
Despite the country’s reported success, the International Monetary Fund (IMF) has consistently urged El Salvador to reconsider its Bitcoin policies.
On Jan. 25, 2022, the IMF asked El Salvador to <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/imf-urges-el-salvador-to-remove-bitcoin-s-status-as-legal-tender" rel="noopener noreferrer nofollow" target="null" text="null" title="null">stop recognizing BTC</a> as legal tender, citing risks to financial stability despite acknowledging the potential for increased financial inclusion.
On Oct. 3, the IMF <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/imf-pressures-el-salvador-overhaul-bitcoin-regulations" rel="noopener noreferrer nofollow" target="null" text="null" title="null">renewed its call to El Salvador</a> to scale back its Bitcoin policies. The IMF’s communications director, Julie Kozack, recommended narrowing the scope of the country’s Bitcoin Law and limiting the public sector’s exposure to Bitcoin.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-price-100k-donald-trump-paul-atkins-sec-gary-gensler-hodlers-digest/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC hits $100K, Trump taps Paul Atkins for SEC chair, and more: Hodler’s&nbsp; Digest</a>

El Salvador’s Bitcoin gains top $300M — President

Table of Contents

Cointelegraph

Other articles published on Dec 8, 2024

Liquidity Surges Into Ethereum, Driving Price Toward $4,000

The top 5 Cloud Mining Platforms for Maximizing Short-Term Profits

HeyGen AI: Revolutionizing Video Creation with Artificial Intelligence

Qubetics Multi-Chain Wallet Expands Payment Systems While Bitcoin and HNT Reshape Blockchain Usage

Top Meme Coins with 1000X Potential Why BTFD Coin Apu Apustaja and Degen Are Taking Over the Cryp...

Why is Pepe Price Up?

Join our free newsletter for daily crypto updates!