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Amid Bitcoin's rise, the value of El Salvador's portfolio exceeded $185 million

Market and Events: Amid Bitcoin's rise, the value of El Salvador's portfolio exceeded $185 million

On March 5, 2024, the value of bitcoin on the #Coinbase platform reached an all-time high (ATH) of $69,129, breaking the previous record. At the same time, the valuation of El Salvador's portfolio rose to more than US$185 million on the back of this price jump.

According to the Nayibtracker website, the country owns 2,855 BTC purchased at an average price of US$42,548. As a result, El Salvador's unrealized gains on bitcoin investments exceeded US$65 million.

Amid Bitcoin's rise, the value of El Salvador's portfolio exceeded $185 million
Salvador has a portfolio of 2,855 BTC. Source: Nayibtracker.

It is worth noting that in December 2023, El Salvador's bitcoin reserve became profitable for the first time. Prior to that, President Naive Bouquere announced that the country will invest 1 BTC daily from November 18, 2022. In the fall of 2021, El Salvador officially recognized bitcoin as legal tender, which drew criticism, particularly from the International Monetary Fund (#IMF).

In September 2022, the value of El Salvador's bitcoin funds plummeted 58%. Nevertheless, the country continued to actively invest in cryptocurrencies.

In addition, local authorities have introduced a number of programs to encourage the use of bitcoin. #Salvador offers citizenship to individuals who invest $1 million in bitcoins or USDT in local businesses. In addition, the government has authorized the issuance of bitcoin-linked bonds.

A survey conducted by Jose Simeon Cañas University found that 12% of Salvadorans will use bitcoin for transactions in 2023.

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