- El Salvador purchased over 2,300 bitcoins in September 2021 when prices were around $45,000 per bitcoin. The country’s bitcoin holdings are now worth almost $67 million, representing a paper profit of over $13 million.
- President Nayib Bukele recently celebrated the profitable investment on Twitter, noting that El Salvador has “made more money from Bitcoin than the last three administrations with bonds.”
- Bullish sentiment in crypto markets has been driven by expectations that the SEC will finally approve a bitcoin exchange-traded fund (ETF), with bitcoin surging to its highest level in almost a year.
President Nayib Bukele hailed the investment as being “back in the black” last month. El Salvador made headlines in 2021 when it became the first country to make bitcoin legal tender. The Central American nation bought over 2,300 bitcoins in September that year.
El Salvador’s Bitcoin Holdings Now Worth $67M
The bitcoins were purchased when prices hovered around $45,000. Bitcoin is currently trading above $60,000, having surged past that level in the past couple of weeks. El Salvador’s bitcoin stash is now worth almost $67 million, representing a paper profit of over $13 million.
Bukele Celebrates Profitable Investment
Last month, Bukele took to Twitter to celebrate the profitable investment. “Bitcoin was at $45,000 when we bought…it’s now at $63,000. That’s a 40% return in a few months,” he tweeted. The president also claimed El Salvador had “made more money from Bitcoin than the last three administrations with bonds.”
Bitcoin ETF Approval Boosts Bullish Sentiment
The mood in crypto markets has turned decidedly bullish in recent weeks, with bitcoin surging to its highest level in almost a year. The optimistic sentiment has been driven in part by expectations that the SEC will finally approve a bitcoin exchange-traded fund (ETF).
El Salvador’s bitcoin experiment is looking increasingly profitable, especially if crypto prices continue rallying into the end of the year. The country’s contrarian bet on bitcoin as legal tender was criticized by many as reckless, but the recent surge in prices vindicates the strategy. As more countries explore bitcoin adoption, El Salvador’s early mover advantage could cement its status as the epicenter of bitcoin in Latin America.