El Salvador's profit from Bitcoin (BTC) Increased by more than 40%
If El Salvador sold all its bitcoin (BTC) reserves right now, the country's profit could be $60 million.
El Salvador's unrealized profit from investing in bitcoin increased by 40%. However, the authorities are not going to sell off assets. About this in X (ex. Twitter) was written by the country's president, Nayib Bukele, who remains bullish about BTC.
On February 28, the BTC price broke through the $64 thousand mark, the highest level since November 2021. By the time of writing, the bitcoin exchange rate had adjusted to $62,848, according to CoinGecko.
A sharp jump in the value of the first cryptocurrency led to traders losing $800 million. But El Salvador, on the contrary, has only benefited from this. The country's revenue from investments in bitcoin increased by 40% to $60 million.
At the moment, the Latin American state owns at least 2,848 BTC worth $178 million at the current exchange rate. El Salvador bought assets at an average price of $44,292.
After the rapid growth of BTC, Nayib Bukele wrote on Twitter that he was not going to sell coins. He also criticized all opponents of BTC and El Salvador, who spoke negatively about the country's initiative.:
"When the market price of bitcoin was low, literally thousands of articles were written about our estimated losses. [...] Of course, we will not arrange a sale. After all, 1 BTC = 1 BTC (this was true when the price was low, and it is true now); but it is very significant that the authors of those charts, "analysts", "experts", "journalists", are now silent."
El Salvador started buying bitcoins in 2021. At the same time, the country became the first to recognize cryptocurrency as legal tender.
