El Salvador’s Bukele Defends Bitcoin Strategy as Holdings Hit Record 53% Profits
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El Salvador’s President Bukele defended his Bitcoin strategy as the country’s holdings hit a record 53% profit, reaching $164.7 million when Bitcoin hit a new all-time high of $69,200 on March 4. This progress stems from El Salvador’s declaration of Bitcoin as legal tender alongside the US dollar in 2021.
According to data from Bitcoin Treasuries, the country’s Bitcoin portfolio has witnessed a profit of over $50 million.
Bukele’s Bitcoin Strategy
Despite criticism from the media, president Bukele has stood firm in his decision to purchase 1 Bitcoin daily since the start of 2022. Since then, El Salvador’s holding has grown to 2,380 BTC, worth $159.2 million at current prices.
President Bukele expressed his thoughts on X (formerly Twitter), responding to critics who had condemned his pro-Bitcoin vision during the BTC price decline.
Still waiting… https://t.co/FkKs2rRP1Q pic.twitter.com/X6UyAsoTIz
— Nayib Bukele (@nayibbukele) March 4, 2024
President Bukele, who reiterated his Bitcoin vision during the last election campaign, was re-elected last month after a landslide victory.
In addition to the profits from Bitcoin holdings, El Salvador is steadily becoming one of the safest countries globally, with a 70% decrease in the crime rate in 2023.
A Lone Wolf in Bitcoin Adoption
In May 2022, President Nayib announced his vision to build the first-ever Bitcoin city in El Salvador, a project that Bitcoin would fund.
The city, “Ciudad Bitcoin,” is envisioned as a hub for technology and sustainable living, with Bitcoin powering every aspect of its infrastructure and economy.
The global crypto community is closely watching the project’s progress, as it represents a bold experiment in integrating digital currency into everyday life.
Updates on the development of Ciudad Bitcoin, including construction milestones, partnerships, and technological advancements, are eagerly anticipated as El Salvador continues to lead the way in crypto adoption.
Additionally, education about cryptocurrency is regularly being introduced into school curriculums in El Salvador.
A recent release from Node Nation demonstrated how students in El Salvador are learning how to run nodes on the blockchain.
Breaking : Students in 🇸🇻 El Salvador learn how to run a #Bitcoin node through the @NodeNationSV education program 📖📚 #btc.#india 🇮🇳 👀 https://t.co/Enex3wbBHB
— SHREE DRG-INDIA'S CRYPTO TRACKING (@shreedrg) March 6, 2024
Citizens of other countries are beginning to envy President Bukele and El Salvador’s pro-bitcoin zeal.
Samson, founder and CEO of Pixel Matic and JAN 3, who was instrumental in El Salvador’s strategy, revealed JAN 3’s mission.
The Bitcoin technology company, which seeks to accelerate “hyper bitcoinization” and nation-state adoption, is becoming a leading firm in facilitating Bitcoin strategy for countries willing to emulate El Salvador.
With less than 44 days to Bitcoin halving, El Salvador’s holding is expected to reach a record-new profit margin as Bitcoin achieves a new all-time high.
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