Pro-Bitcoin President Reaffirms Bullish BTC Strategy Amid Stunning 55% Profit Surge

March 16, 2024

El Salvador President Nayib Bukele has reasserted the nation’s bullish Bitcoin investment strategy while celebrating a remarkable 55% return on its BTC investment under his forward-thinking, pro-Bitcoin regime.

Following the announcement of relocating El Salvador’s initial “Bitcoin piggy bank” into a secure cold wallet and then to a physical vault, President Nayib Bukele took to the social media platform X (previously known as Twitter) to reassert the nation’s steadfast commitment to its Bitcoin acquisition strategy.

“The 1 Bitcoin a day program just deposited today’s Bitcoin. This continues until #Bitcoin becomes unaffordable with fiat currencies,” Bukele said in a tweet, which includes the transaction’s receipt.

El Salvador began its journey into Bitcoin investment in September 2021, when the crypto was priced at approximately $51,769 each. Bukele’s administration later unveiled a strategy to purchase one Bitcoin daily, maintaining this approach despite the dramatic fluctuations in the cryptocurrency market, including a severe downturn.

The country has remained faithful to its HODL (hold on for dear life) strategy with Bitcoin, even through the tumultuous market crash that rocked the cryptocurrency world a few years back, holding out until the digital currency’s value soared to unprecedented heights this week. Despite facing criticism, especially when Bitcoin’s value plummeted from its peak of $69,000 in November 2021 to $16,000 the following year, Bukele’s gamble began to pay off. 

The turning point came in February, when the value of Bitcoin surpassed El Salvador’s average acquisition cost of $42,630, marking the start of the country’s profit phase from its Bitcoin investments. Data from Bitcoin Tracker, the app that allows users to track the real-time price of Bitcoin and other crypto assets, revealed that El Salvador holds 2,864 BTC valued at $188 million. 

El Salvador’s BTC holdings are now valued at around $188 million, marking an on-paper profit of about $66 million, which reflects nearly a 55% gain. This profit calculation, based on publicly available data, may not encompass the entirety of El Salvador’s Bitcoin portfolio. Bukele has previously pointed out additional revenue sources contributing to the national Bitcoin reserve, such as the citizenship passport program and the Freedom VISA initiative, launched in December 2023.

Addressing his critics, Bukele emphasized the double standards of those who previously focused on the country’s potential losses but now remain quiet as the value of Bitcoin has surged. 

President Nayib Bukele has made it clear that, despite the potential for substantial gains from market activities, El Salvador plans to maintain its Bitcoin reserves.

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