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El Salvador’s Bitcoin reserve, now worth $603M after a 124% profit surge, earned Elon Musk’s praise. Bitcoin’s $103,900 ATH highlights the nation’s bold bet on cryptocurrency as a groundbreaking success.
Elon Musk Lauds El Salvador’s Bitcoin Success
El Salvador's Bitcoin reserve was deemed "impressive" by the Tesla & SpaceX lead in a December 5th X post. In light of Nayib Bukele's success and the country's Bitcoin wagers paying off, Elon Musk makes this declaration.
It is worth mentioning that Bukele shared the country's reserve portfolio on X. The post states that the government of El Salvador has invested $333.59 million, bringing the total value of the investment to $603.34 million. Gains of 124% were recorded in the overall profit from this investment. A market frenzy has been reflected by this saga.
Arkham Intelligence's most recent findings (via Coingape), meanwhile, show that the Salvadoran government address continues to invest 1 BTC daily. As indicated earlier, the entity is currently holding 5,955 BTC and has made a significant profit.
Bitcoin Tops $100K, Driving El Salvador’s Reserve Growth
The enormous buying power of the asset has, in turn, highlighted its enormous market potential. On the other hand, the flagship cryptocurrency has now surpassed $100,000, further solidifying investor bullishness.
Notably, as Elon Musk also pointed out, Bitcoin recently hit a new ATH at the $103,900 mark, providing substantial assistance to El Salvador's reserve. As of this writing, the price of Bitcoin has climbed to $102,441, an intraday rise of around 8%. It hit a low of $94,660 in the past 24 hours.
Trump’s Presidency Boosts Bitcoin Market Sentiment
Strangely, with Donald Trump's return to the presidency, the main cryptocurrency experiences a bull run. Investors are still bullish on the market's potential for more gains after Trump appointed Paul Atkins to the position of SEC commissioner.
Market sentiment remained mostly bullish in Q4, while it is worth noting that the now-defunct Mt. Gox crypto exchange was observed moving huge sums of the coin. In addition, prominent expert Ali Martinez has shown that the coin plans to make more increases before a big correction occurs.
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