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Bitcoin

El Salvador’s Bitcoin Holdings Cross $632 Million, Drawing Bukele’s Praise

Christian Encila
by Christian Encila
Last Updated: December 18, 2024 7:30 am
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Analysts reported that a South American country is among the Bitcoin investors who greatly benefit from the Donald Trump-fueled crypto bull market as its digital asset portfolio reaches new heights.   

The value of El Salvador’s Bitcoin holdings soared to $632 million after the firstborn crypto hit a new all-time high of $106,488 per coin.   

Related Reading: Cardano Poised To Rule The Crypto Sphere — Charles Hoskinson

Portfolio Increased By Over 133%

El Salvador President Nayib Bukele was elated to share on his X account the massive gains his country earned by investing in Bitcoin as the crypto’s price went beyond $106k.

Bukele proudly posted on social media that the Bitcoin portfolio of the South American country has soared by 134% to reach $632 million. The alpha cryptocurrency hit another milestone, a record-high of $106,488, boosting the value of El Salvador’s crypto holdings.

😌 pic.twitter.com/w9FrMmCkwi

— Nayib Bukele (@nayibbukele) December 16, 2024

The South American president showed in his post that the country earned more than $350 million from its Bitcoin investment, benefitting from the latest rally of the crypto.

Bukele engineered the country’s investment strategy in Bitcoin, wherein El Salvador bought 5,966 BTC which was initially worth $270 million. Now, the nation’s Bitcoin holdings stood at $632 million as BTC’s price went above $106,000.

Bitcoin As Legal Tender

In 2021, El Salvador announced that it adopted Bitcoin as a legal tender in the country, making the South American nation the first country to make that move.

Bukele believes that Bitcoin would allow the country to become less reliant on the US dollar, adding that the crypto could be used to promote financial inclusion and drive economic growth.

BTC market cap currently at $2.06 trillion. Chart: TradingView.com

However, many of the country’s citizens were skeptical about crypto, raising concerns about the volatility associated with digital assets.

Skepticism on Bitcoin further deepened in 2022 after the BTC price dropped below $17,000, making El Salvadorans more worried about the investment strategy.

But now, it seems Bukele’s crypto gamble has paid off as the value of the country’s crypto portfolio surpassed $600 million.


BTC price retreats to $104k in the last 24 hours. Source: Coingecko

IMF Calls On El Salvador To Reconsider

El Salvador might have achieved a milestone in its Bitcoin investment. However, the International Monetary Fund (IMF) is still not convinced by the massive profits from crypto, urging Bukele’s administration to reconsider its stance on Bitcoin.

Related Reading: XRP Fever Sweeps The Web As Google Queries Soar To 100

Analysts believe that crypto remains a double-edged sword because of its volatility, noting that the crypto’s current price might be impressive but it could also drop in value.

Bukele continues to hold its ground on his BTC investment even announcing a proposal to transfer some of the country’s BTC assets to a cold wallet stored securely within the nation’s borders.

Moreover, he is also considering the establishment of Bitcoin City which he envisioned to be a futuristic, tax-free hub that will be powered by the country’s geothermal energy.

Featured image from DALL-E, chart from TradingView

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Christian Encila

Christian Encila

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Christian, a journalist and editor with leadership roles in Philippine and Canadian media, is fueled by his love for writing and cryptocurrency. Off-screen, he's a cook and cinephile who's constantly intrigued by the size of the universe.

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