Crypto Blog
After Bitcoin recently went past the $100,000 milestone, El Salvador President Nayib Bukele took to social media to bask in the glory of a gamble his country made in 2021.
Then, the small Central American nation gave the cryptocurrency legal tender status and established a treasury that now holds almost six thousand BTC., it pushed the value of El Salvador’s BTC portfolio beyond $600 million, a staggering 123.67% return on its $269.7 million investment.The post sparked a wave of reactions online, with users praising Bukele’s foresight in adopting Bitcoin. Billionaire Elon Musk, who has been chosen by U.S.
Further, critics such as El Salvador’s former Central Bank head Carlos Acevedo noted that while the profits were impressive, they remain unrealized until the Bitcoin is sold. President Bukele has blamed his political opponents for dissuading citizens from embracing crypto, claiming it deprived many of them of significant financial gains. On Facebook, he wrote:
“Not only was the opposition terribly wrong with Bitcoin, but, unlike other issues , this time their opposition did affect many.”While Bitcoin is 5% off its ATH, its recent meteoric rise has come against a backdrop of global events, including Donald Trump’s election victory in November. The pro-crypto president has pledged policies aimed at retaining and expanding the U.S. government’s BTC holdings, fueling optimism in the virtual currency market.
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