President Bukele celebrates Bitcoin gains

-

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.

bitcoin
X

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.

Have you read it yet? Five arrested for crypto phishing scam in Morocco

LATEST POSTS

Coinbase premium hits 4-month high, Bitcoin is on fire

Bitcoin’s making moves again, and it’s not just some casual stroll in the park. The Coinbase Premium, the price gap between Coinbase’s BTC/USD and Binance’s...

Russian crypto kingpin busted

Hey, listen up, here’s a juicy little story straight outta the financial underworld. Picture this, a Russian guy, Iurii Gugnin, living it up in New...

BlackRock’s Bitcoin ETF smashes records in speed and size

BlackRock’s iShares Bitcoin Trust, or IBIT if you wanna sound fancy, is the new king of the ETFs. The fund just blew past every single...

Bitcoin Devs Approve Controversial 4MB OP_RETURN Data Expansion

The upcoming Bitcoin update will expand the data limit for the OP_RETURN function to 4 megabytes, according to Bitcoin Core developer Gloria Zhao. The change...

Most Popular

Guest posts