Experience the groundbreaking journey of El Salvador, the trailblazing country that made history by embracing Bitcoin as official currency. Despite facing market fluctuations and reaching new all-time highs, El Salvador has remained loyal to its HODL strategy.
In September 2021, El Salvador started its Bitcoin investment when the price was $51,769. President Nayib Bukele’s bold strategy raised eyebrows when Bitcoin dropped from $69,000 to $16,000. But the tide turned when Bitcoin surged past the average purchase price in February, proving the country’s foresight and resilience.
Unlocking Massive Bitcoin Profits
El Salvador now holds 2,864 BTC worth $188 million, acquired at an average price of $42,630. Recent data shows a 176% increase in Bitcoin value over the past year, leading to unrealized gains of $66 million and a remarkable 54% profit on the original investment. President Bukele mentioned additional Bitcoin acquisitions through diverse revenue streams.
These include revenue from a unique passport scheme converting Bitcoin to USD for local enterprises, BTC mining proceeds, and income from government services. El Salvador’s “Freedom VISA” program, launched in December, offers residency to crypto investors.
El Salvador Safeguards Bitcoin in Cold Wallet
This week, President Bukele announced the establishment of El Salvador’s first Bitcoin “piggy bank” with a secure cold wallet holding 5,689.68 BTC valued at $406 million. This significant transfer to a physical vault within national borders marks a strategic move in Bitcoin asset management.
We’ve decided to transfer a big chunk of our #Bitcoin to a cold wallet, and store that cold wallet in a physical vault within our national territory.
You can call it our first #Bitcoin piggy bank 🇸🇻
It’s not much, but it’s honest work 😂 pic.twitter.com/dqzedykxT1
— Nayib Bukele (@nayibbukele) March 14, 2024
El Salvador acquired its 5,689 BTC through multiple transactions, demonstrating a strategic approach to asset management. The nation’s move towards a dedicated cold wallet signals a shift in Bitcoin asset handling practices, enhancing security and governance.
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