El Salvador says it’s sitting on an $84 million profit after bitcoin’s record-breaking run.
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El Salvador's President, Nayib Bukele, shared a chart on X (formerly Twitter) late Monday, illustrating the country's significant profit from its bitcoin investment since 2021:
The chart, sourced from a website tracking El Salvador's bitcoin holdings known as the Nayib Bukele BTC portfolio, indicates that the country now possesses over $204 million worth of bitcoin, resulting in a profit of $84,593,453 to date, representing a return of more than 69%.
Despite the substantial profit, Bukele has stated that the country intends to continue holding its bitcoin. In a late February post, he affirmed, "We won't sell, of course; at the end 1 BTC = 1BTC (this was true when the market price was low and it's true now)."
During the lows of November 2022, when bitcoin (BTCUSD) was trading around $16,000, Bukele announced that the country would begin buying one bitcoin per day.
As of Tuesday, bitcoin was trading just below $72,000, following a rally that commenced in February. This surge was fueled by the U.S. approval of exchange-traded funds based on spot bitcoin and optimism surrounding the upcoming halving event, historically bullish for the crypto, which has gained 72% so far this year.
On Monday, the crypto surpassed $70,000 for the first time, following an announcement by a top U.K. financial regulator allowing professional investors to trade exchange-traded notes linked to bitcoin.
In mid-2021, El Salvador made bitcoin legal tender and launched Chivo Wallet, a government-designed digital wallet app enabling users to make payments in dollars or bitcoin. At that time, the crypto was trading around $36,000.
