Key Takeaways
- El Salvador's Bitcoin investment yields a profit of $84 million.
- Revenue from various Bitcoin-related initiatives contributes to the country's economic advancement.
- Global crypto market has seen a $2.7 billion inflow, with Bitcoin leading the charge.
President Nayib Bukele has announced that El Salvador’s Bitcoin portfolio has reached an impressive $84 million profit.
El Salvador has been a pioneer in the adoption of Bitcoin, when it became the first country to make Bitcoin legal-tender.
Diverse revenue streams
Since 2021, El Salvador has acquired 2,861 BTC at an average price of $42,599 each, now valued at over $206 million.
The country’s profit is not just from market appreciation but also from various Bitcoin-related initiatives.
These include:
- passport programs
- conversion services
- state-operated mining
- government service payments in Bitcoin
In December 2023, a new law was passed to attract foreign investment by offering expedited citizenship for Bitcoin donations.
Global Bitcoin Trends
The global interest in Bitcoin is evident from the recent $2.7 billion inflow into cryptocurrency, with a significant portion directed towards Bitcoin.
Factors such as the approval of spot Bitcoin ETFs and the anticipation of the halving event have contributed to this trend.
Despite price surges, there’s a notable interest in short Bitcoin positions, indicating a cautious approach by some investors.
