El Salvador’s president, Nayib Bukele, and his government has been purchasing 1 BTC per day since 18 November 2022, with the intention to continue until the purchase is “no longer possible using fiat currencies”. Just over two years on, the El Salvador government has acquired 5,956 BTC in total, worth more than $583M at current valuation.
In June 2021, El Salvador, under the leadership of Bukele, passed the Bitcoin Law, which accepts the cryptocurrency as legal tender. They are also the first country to do so and remain the one of two countries in the world to have done so. While the decision has come under heavy criticism due to the environmental impact of Bitcoin mining as well as the volatility of the asset, the plan seems to have paid off well with the country’s holdings in profit of over $330M or123.67%, as of 5 December, on a cost basis of $270M, according to a screenshot posted by Nayib Bukele on X.
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