El Salvador’s total holdings in Bitcoin have exceeded $60 million USD amid the cryptocurrency price surge.
With 2,848 Bitcoin in possession, the nation has capitalized on Bitcoin’s recent price ascent, which saw it surpass the $61,000 USD mark, marking an 8.42% increase over the past 24 hours and an 18.60% rise over the past seven days.
El Salvador Wealth Increases Amid Bitcoin Price Surge
In 2021, El Salvador initiated its Bitcoin purchases and became the first country to recognize Bitcoin as legal tender.
Following the crypto crash, which led to the collapse of various crypto firms, including the exchange FTX in November 2022, there was significant speculation regarding the nation’s financial stability.
Read more: Bitcoin Price Prediction 2024/2025/2030
Reports indicate that one year into its Bitcoin experiment, El Salvador suffered a loss of $60 million.
On February 5, Nayib Bukele declared himself the winner of El Salvador’s national election. This was a landslide victory with more than 85% of the votes.
Bukele actively champions Bitcoin. He has garnered significant popularity both domestically and within the global crypto industry.
El Salvador Bitcoin Holdings
Bukele’s resolute support for Bitcoin has garnered global attention. He regularly promotes El Salvador’s favorable stance on the cryptocurrency to international audiences.
On December 25, BeInCrypto highlighted El Salvador’s government’s open invitation to foreigners interested in contributing Bitcoin donations to its development programs.
Read more: Who Owns the Most Bitcoin in 2024?
This follows the nation’s earlier report of a consistent increase in the number of foreign residents relocating to the country.
“Some foreign promoters of the digital currency have moved to the country, mainly to beach communities.”
Meanwhile, in December 2023, the National Bitcoin Office (ONBTC) of El Salvador announced that the Volcano Bond has received regulatory approval from the Digital Assets Commission (CNAD).
El Salvador’s bullish move into crypto has the industry speculating over whether more Latin American countries will adopt Bitcoin. Most recently, Argentina’s government announced that contracts can now be settled with Bitcoin.
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