El Salvador, renowned for its groundbreaking adoption of Bitcoin as legal tender, remains steadfast in its HODL strategy despite market turbulence and recent ATH surges.
The country began its Bitcoin acquisitions in September 2021, purchasing at an average price of $42,630 per BTC. Despite initial doubts arising from market fluctuations, El Salvador’s investment has proven profitable as Bitcoin soared past its acquisition price, reaching $188 million in value across 12 transactions.
President Nayib Bukele revealed that El Salvador holds 2,864 BTC, accounting for a 176% increase in value over the past year and yielding unrealized gains of $66 million. Additional Bitcoin revenue streams, including a citizenship passport scheme and BTC mining operations, further contribute to the nation’s crypto holdings.
Recently, El Salvador made headlines with the establishment of its inaugural Bitcoin “piggy bank,” housing 5,689.68 BTC valued at $406 million.
Notably, a significant transaction of 4,000 BTC, worth $273 million, occurred shortly after President Bukele’s announcement, marking a pivotal moment as the country linked its Bitcoin assets to a specific wallet address.
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
