President Nayib Bukele of El Salvador is having the last laugh as Bitcoin rallies and hits the $100k milestone.
He took to social media to flaunt a screenshot of El Salvador’s Bitcoin investment, showcasing $334 million in unrealized gains.
El Salvador’s Bitcoin portfolio
Bukele shared that El Salvador invested nearly $270 million in Bitcoin over the past three years, and this makes their dollar-cost averaging strategy one of the largest nation-state Bitcoin trades ever conducted.
Not too shabby for a country that faced skepticism from many, including major institutions like the International Monetary Fund.
In his post, Bukele wanted to silence critics by highlighting these impressive numbers.
He’s been fighting hard against naysayers who questioned his move into Bitcoin, and now it seems he has some solid proof to back up his claims.
Criticism
Despite this triumph, Bukele’s Bitcoin journey hasn’t been all smooth sailing. Many Salvadorans have expressed doubts about his cryptocurrency policies, with several polls showing a lack of support among the populace.
The IMF has also been a vocal opponent, urging Bukele to reconsider his Bitcoin strategies since the beginning.
Even with pressure from the IMF that could jeopardize El Salvador’s international funding opportunities, Bukele stood firm.
Salvadoran officials have been in talks with the IMF to navigate the complexities of Bitcoin and meet policy requirements.
Tick-tock next block
El Salvador is still pushing forward with its “one BTC a day” purchase program that Bukele announced back in March.
He stated that this initiative would continue until Bitcoin becomes unaffordable with fiat currencies.
Now that Bitcoin has crossed the $100k threshold, it seems like his original vision is coming into focus.
Analysts think that there is the potential for even higher prices in the coming years, especially with President-Elect Trump’s pro-crypto administration expected to bring clarity to the U.S. crypto industry.
