El Salvador’s bold investment in Bitcoin has so far yielded impressive returns, surpassing $119 million profit, as Bitcoin reaches a new all-time high at $85,000.
The Central American nation, a pioneer in adopting Bitcoin as legal tender in 2021, is reaping the rewards of its early commitment to the crypto asset. The country’s recent surge in Bitcoin investment is coming after it reported in August this year, a BTC holdings valuation of $400 million, up from an initial investment of $135 million.
With Donald Trump’s recent victory in the 2024 presidential election, Bitcoin has now more than doubled from the year’s low of $38,505, trading at $84,622, as at the time of writing this report, having earlier touched a record high of $82,527.
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El Salvador’s holdings, tracked by a portfolio tracker for President Nayib Bukele, showed a current gain of 86% as Bitcoin continues to break records. Investment firm Bernstein has since encouraged others to follow El Salvador’s lead, advising clients to increase their crypto portfolios, with some experts predicting Bitcoin could hit $100,000 before Trump’s inauguration.
Since making Bitcoin legal tender in 2021, El Salvador ventured into uncharted financial waters, attracting international attention and criticism. Despite the skepticism from entities like the International Monetary Fund, Bukele’s administration remained steadfast in its commitment to Bitcoin, integrating it into the nation’s economy and planning future projects.
In an interview earlier this year. Bukele highlighted the multifaceted advantages of adopting Bitcoin, noting that it has enhanced El Salvador’s global image, attracted investments, and boosted tourism. He acknowledged that there is still “time to make some improvements” to the regulations but emphasized the positive impact Bitcoin has had on financial inclusion and the country’s status as a pioneer in cryptocurrency adoption.
Furthermore, he pointed out that the cryptocurrency debate is gaining traction internationally, with some countries now holding Bitcoin reserves or investing in Bitcoin mining. El Salvador’s strategic embrace of Bitcoin continues to set a precedent in the global financial landscape, demonstrating the potential benefits of integrating digital currencies into national economies.
With the U.S. poised to have its first openly pro-crypto president, this development has further fueled Bitcoin’s surge, which has also been a financial boon for other early adopters like MicroStrategy, seeing a return on investment above 100%.
A report by Cointelegraph revealed that MicroStrategy’s Bitcoin stash increased to more than $20 billion in value as the leading cryptocurrency rallied above $80,000. MicroStrategy’s 252,200 Bitcoin is now worth $20.5 billion, putting the company up over 104% on its Bitcoin investment strategy, according to “Saylor Tracker,” named after the firm’s executive chairman, Michael Saylor.
