El Salvador’s government now holds Bitcoin worth over $150 million, according to the latest data from BitcoinTreasuries. The country’s Bitcoin holdings have seen a significant increase of $50 million compared to their initial cost basis. Ever since Bitcoin was approved as legal tender in El Salvador in 2022, the government’s stash has transformed from bear market struggles to record-breaking wealth. President Nayib Bukele announced that the government would begin purchasing 1 BTC per day, resulting in a total of approximately 2,380 BTC ($158.5 million). At Bitcoin’s new all-time high on March 5, the value of the holdings reached $164.7 million, which is 53% more than the aggregate cost basis. Each BTC was acquired at an average price of $44,300. Bukele recently criticized mainstream media’s coverage of the government’s economic policy, highlighting the profitability of their Bitcoin investments. While El Salvador stands out as a pioneer in adopting a “Bitcoin standard,” no other nation-states have officially announced a similar move yet. However, individuals like Samson Mow, from Jan3, anticipate more nation-states, corporations, and institutional buyers entering the Bitcoin market. These price-insensitive buyers, including retail investors, contribute to the ongoing growth of Bitcoin’s value. It’s important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.
El Salvador's Bitcoin reserves soar to a groundbreaking $164 million with profits from BTC surpassing $50 million.