El Salvador’s Bitcoin Strategy Pays Off with Record Profits

The administration of El Salvador President Bukele has seen a $53 million increase in the country's revenue as the price of Bitcoin retraces from its record all-time high.

El Salvador’s Bukele defends Bitcoin strategy as profits reach record 53%.

🌐 By Jimmy Aki
📅 Last updated: March 6, 2024
⌚ Reading time: 2 min

El Salvador’s President Bukele has been defending his Bitcoin strategy, and it seems he has good reason to. The country’s Bitcoin holdings have reached a record profit of $164.7 million, with a staggering 53% increase, thanks to Bitcoin’s recent all-time high of $69,200 on March 4. This was made possible by El Salvador’s declaration of Bitcoin as legal tender alongside the US dollar in 2021.

According to data from Bitcoin Treasuries, El Salvador’s Bitcoin portfolio has witnessed a profit of over $50 million.

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Bukele’s Bold Bitcoin Strategy

Despite facing criticism from the media, President Bukele has remained steadfast in his decision to purchase 1 Bitcoin daily since the beginning of 2022. As a result, El Salvador’s holdings have grown to 2,380 BTC, which is now worth $159.2 million.

President Bukele even took to social media, specifically X (formerly Twitter), to respond to critics who doubted his pro-Bitcoin vision during the BTC price decline. He remains unyielding in his support for Bitcoin and its potential.

But President Bukele’s belief in Bitcoin is not new. He has been a proponent of Bitcoin since the last election campaign, and his pro-Bitcoin stance played a significant role in his re-election last month after a landslide victory.

Image Source: Bitcoin Treasuries

Additionally, El Salvador has seen a remarkable decrease in the crime rate, making it one of the safest countries globally. The crime rate plummeted by 70% in 2023, further bolstering the country’s image.

A Lone Wolf in Bitcoin Adoption

El Salvador has truly become a trailblazer in Bitcoin adoption. In May 2022, President Bukele unveiled his vision to build the world’s first Bitcoin city in the country. Named “Ciudad Bitcoin,” the city aims to be a technological and sustainable living hub, with Bitcoin at the core of its infrastructure and economy.

The global crypto community eagerly awaits updates on the development of Ciudad Bitcoin. Construction milestones, partnerships, and technological advancements will shed light on the feasibility and potential success of integrating digital currency into everyday life.

Education about cryptocurrency is also gaining traction in El Salvador. The introduction of cryptocurrency curriculums in schools is ensuring that the younger generation is well-equipped with knowledge about this emerging technology. Students are even learning how to run nodes on the blockchain, as demonstrated by a recent release from Node Nation.

Citizens of other countries are becoming envious of President Bukele’s pro-Bitcoin stance and El Salvador’s commitment to digital currencies. Companies like Pixel Matic and JAN 3 are emerging to facilitate Bitcoin strategies for countries looking to follow El Salvador’s lead.

With less than 44 days to the upcoming Bitcoin halving, El Salvador’s holdings are expected to witness even more substantial profits as Bitcoin continues to break new all-time highs.

Q&A

Q: What has been the impact of El Salvador’s Bitcoin strategy?
El Salvador’s Bitcoin strategy has resulted in record profits, with a 53% increase in the country’s Bitcoin holdings, translating to $164.7 million. This demonstrates the potential of Bitcoin as legal tender and its ability to generate substantial returns.

Q: What is the significance of El Salvador’s Bitcoin city?
El Salvador’s Bitcoin city, Ciudad Bitcoin, represents an ambitious endeavor to integrate digital currency into everyday life. Its progress will provide insights into the feasibility and potential success of adopting Bitcoin on a larger scale.

Q: How is cryptocurrency education being incorporated into El Salvador’s schools?
El Salvador has taken the lead in introducing cryptocurrency education into school curriculums. Students are learning about the technology behind cryptocurrencies and even acquiring practical skills, such as running nodes on the blockchain.

References

1. Bitcoin Treasuries
2. Twitter – President Nayib Bukele
3. El Salvador’s Bitcoin Strategy during the last election
4. Pixe Matic – Bitcoin Strategy
5. El Salvador continues to lead the way in crypto adoption

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