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El Salvador's Bitcoin strategy reached a new high as unrealized gains exceeded $333 million following Bitcoin’s first-ever rise above $100,000. The country, led by President Nayib Bukele, has consistently expanded its Bitcoin holdings since adopting the cryptocurrency as legal tender in 2021.
Bitcoin Reaches $100,000 Milestone as El Salvador’s Unrealized Gains Soar
Following Bitcoin's first-ever $100,000 milestone, Salvadoran President Nayib Bukele took to social media to draw attention to the country's untapped potential in the cryptocurrency.
The crypto community celebrated on December 5th, when Bitcoin hit $100,000 for the first time.
Autism Capital, an X-based crypto account, requested that Bukele "dunk on the haters" by sharing El Salvador's Bitcoin holdings on the same day. In response, Bukele shared the country's Bitcoin holdings on X.
According to Bukele's most recent report, the nation has invested approximately $270 million in Bitcoin since its first acceptance. Unrealized gains have surpassed $333 million, and the portfolio reflects that no Bitcoin has been sold.
El Salvador Leads the Way in Bitcoin Adoption
Bitcoin was officially adopted as legal money in El Salvador before any other country. Bitcoin became a legitimate medium of trade in El Salvador after the country's Bitcoin Law went into force on September 7, 2021. The first 200 bitcoins were bought by the government on September 6th as well.
El Salvador has kept buying Bitcoin ever since. Bukele pledged to purchase one Bitcoin per day as part of a dollar-cost averaging (DCA) strategy that he revealed on November 17, 2022.
Tracking El Salvador’s Expanding Bitcoin Portfolio
El Salvador now has 6,180 BTC, according to Nayib Tracker, a platform that tracks the country's Bitcoin assets. According to the tracker, the average price of a Bitcoin is $44,739.88, which means the country's value has increased by 122% in comparison to the market.
El Salvador has seen various advantages since embracing Bitcoin, in addition to the wealth it has generated. Tourists flocked to the nation after its decision to accept Bitcoin.
IMF Criticizes El Salvador’s Bitcoin Policies
El Salvador has reportedly been successful with Bitcoin, but the IMF has repeatedly urged the country to reevaluate its Bitcoin policies, Cointelegraph reports.
Despite appreciating the potential for enhanced financial inclusion, the International Monetary Fund (IMF) requested that El Salvador cease recognizing Bitcoin as legal cash on January 25, 2022, citing dangers to financial stability.
El Salvador was once again urged by the International Monetary Fund to reduce its Bitcoin regulations on October 3rd. The communications director of the International Monetary Fund, Julie Kozack, suggested that the country's Bitcoin Law be made more specific and that the government be kept out of Bitcoin.
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