Central American nation El Salvador has seen its Bitcoin (BTC) holdings rake in a profit of $84 million following the ongoing price rally.
The big bet that El Salvador’s President Nayib Bukele placed on Bitcoin is paying off in grand style at the moment. While the country has recorded substantial gains along with the bumpy slump in its portfolio valuation since it started buying Bitcoin in the second quarter of 2021, this bull run gave it the biggest growth thus far.
Per an update from the crypto news outlet Satoshi Club, the actual unrealized profit is pegged at $84 million.Â
Current El Salvador Holdings
According to further insights shared by Nayib Bukele Portfolio Tracker, the El Salvador Bitcoin holdings come in at 2,681 BTC, and it is valued at over $206 million at a market price of $71,762.02 per Bitcoin. This portfolio valuation jump marked a 69% gain, a figure that has given Bukele a bragging right over the country’s Bitcoin strategy critics.
🇸🇻 El Salvador's #Bitcoin treasury now holds an unrealized profit of $84M from its initial $BTC investments since Sept 2021.
With 2,681 BTC, the nation's holdings are valued over $206M, marking a 69% gain. pic.twitter.com/b9dUPlqhvk
— Satoshi Club (@esatoshiclub) March 12, 2024
The trust Nayib Bukele places in the potential of Bitcoin was tested from September 2021 to date. At a time when the country officially legalized Bitcoin as a Legal Tender, many bodies, including the World Bank and the International Monetary Fund (IMF), slammed the country’s choice at the time, and credit agencies even downgraded its Credit Ratings.
The trolling of El Salvador’s Bitcoin choice also extended to international media organizations. As reported by The Crypto Basic, Nayib Bukele called on these international media organizations to acknowledge the growth of the country’s Bitcoin portfolio, just as they did when the portfolio plummeted during the crypto winter months.
Government Organizations and Bitcoin
While El Salvador holds Bitcoin in an official capacity, other government organizations in both the United States and the United Kingdom hold the digital currency based on seizures made from crime.
Per earlier reports, the US government confiscated as much as 50,000 Bitcoin from the Silk Road dark marketplace, the Chinese government was reported to hold more BTC than MicroStrategy as of Q4 2022. While some government bodies have moved some of their BTC holdings in recent times, the portfolio is poised to record a boom as well.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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