El Salvador’s Bitcoin Dream Pays Off 83M In Profit

Bitcoin’s price has been exhibiting an incredible performance during this bull run, with many analysts suggesting that the all-time high (ATH) peaks seen during this last week are just the beginning.

According to Binance, every single BTC investor is now in profit. This includes those who entered the market in 2021 when the flagship cryptocurrency reached its previous ATH of $69,000. El Salvador is among the investors seeing massive green numbers, as the country has bet on Bitcoin since 2021.

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El Salvador’s Bitcoin Dream Becoming A Reality

El Salvador started its Bitcoin journey in September of 2021 when the Central American nation bought its first 400 BTC at around $51,769 per coin. Since then, the country’s treasury has amassed 2,861 BTC.

Two weeks ago, when the price of Bitcoin was around $60,000, president Bukele denied any intention to sell the country’s holdings. However, he highlighted that the prices at the time would make the nation profit over 40% from market purchases.

With the current market prices, El Salvador’s profit margin has increased even more to 62%. Remarkably, the country has made over $83 million in unrealized profits from its Bitcoin holdings.

To the Salvadorian president, 1 BTC = 1 BTC, but if we convert the treasury’s massive holdings to fiat, the country will have over $204.4 million worth of Bitcoin at the time of writing.

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President Nayib Bukele responded to the X post that announced the news, listing the country’s different methods to earn more bitcoin.

The country receives Bitcoin revenue from the passport program and from converting BTC to USD for local businesses. Additionally, it receives revenue from mining and government services.

Moreover, the country recently launched the “Freedom Visa” program alongside Tether. The citizenship-by-investment program will allow 1,000 people per year to request residency in the country after investing $1,000 in BTC or USDT.

Tim Draper Praises El Salvador’s BTC Adoption

Venture Capitalist Tim Draper recently joined the Web3 Deep Dive channel for an interview to discuss Bitcoin, crypto politics, and more. During the interview, Draper discussed his view on El Salvador’s current position now that Bitcoin is soaring.

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The VC billionaire believes that if Bitcoin’s price hit $100,000, El Salvador would be able to pay back to the International Monetary Fund (IMF) and “never talk to them again.” As a result, Draper considers that the country is “taking off” and is a prospect to become “one of the most attractive countries in the world to go live in.”

El Salvador could go from one of the poorest, most insecure countries in the world to one of the richest, most innovative countries within the next 30-40 years, according to the Venture Capitalist.

This would come to be thanks to the country’s investment in BTC and the embracement of the crypto industry and its innovations during this crucial period.

Draper also took the time to comment on the countries and individuals resisting crypto adoption, citing control and rejection of change as the reasons behind it. Seemingly taking a dig at the US, the VC Billionaire said:

I think we are a country of innovators and pioneers. I think we want to keep being a country of innovators and pioneers.

Despite some crucial steps, like the US Securities and Exchange Commission’s (SEC) approval of spot Bitcoin ETFs (exchange-traded funds), the government has not made the regulatory landscape easy for investors to navigate.

Undoubtedly, the Biden administration has faced criticism for its regulatory stances on cryptocurrencies and the crypto industry. As a result, investors are keeping a close eye on the presidential candidate’s cryptocurrency politics for the upcoming US elections.

BTC is trading at $71,936.11 in the 1-day chart. Source: BTCUSDT on TradingView.com

Featured image from www.slon.pics on Freepik , Chart from TradingView.com

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Author: Rubmar Garcia

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