El Salvador’s Bitcoin Holdings Surpass $300 Million in Unrealized Profit
El Salvador’s President Nayib Bukele is celebrating a major milestone as the country’s Bitcoin holdings have surpassed $300 million in unrealized profit. In a recent post on X (formerly Twitter), Bukele shared a screenshot showcasing the country’s Bitcoin holdings reaching over $600 million. This increase came as Bitcoin’s price soared past $100,000, hitting an all-time high of $103,465.81.
The screenshot reveals that the value of El Salvador’s Bitcoin holdings has surged by 117.74%, reaching approximately $603 million. Initially investing around $269.7 million in Bitcoin, the country has now amassed an unrealized profit exceeding $335 million. The term “unrealized profit” refers to the difference between the initial purchase price and the current market value of the asset, which fluctuates with market conditions.
El Salvador’s steadfast commitment to Bitcoin has drawn both support and criticism over the years. Despite warnings from international financial organizations such as the International Monetary Fund (IMF), Bukele’s administration has continued to accumulate the flagship digital asset since making it legal tender in 2021. Additionally, the government has introduced various initiatives to further integrate Bitcoin into the national economy, including exploring the use of the country’s volcanoes for Bitcoin mining and launching a BTC training and certification program for public officials.
The crypto community has largely backed El Salvador’s Bitcoin strategy, recognizing the significant financial boost the country has experienced. Tech billionaire and crypto advocate Elon Musk commended the impressive profits generated by the Central American nation since adopting Bitcoin. According to data from Arkham Intelligence, Musk’s electric car company Tesla’s Bitcoin holdings have also surpassed the $1 billion mark amid Bitcoin’s price surge. If Tesla had held all the Bitcoin it purchased in 2021, it would now be valued at $4 billion.
Stacy Herbert, Director of the El Salvador Bitcoin Office, praised the team behind the country’s success, acknowledging the hard work that went into achieving this milestone. She stated, “So much hard work went into this success. And one day the story will be told about how a very small team of us made this happen.”
Overall, El Salvador’s success with Bitcoin serves as a testament to the potential benefits of embracing digital assets in a national economy. As the country continues to navigate its Bitcoin journey, it remains a key player in the evolving landscape of cryptocurrency adoption and integration on a global scale.