Bitcoin is currently enjoying a remarkable rise, now exceeding the $43,000 mark. This meteoric rise has brought unexpected financial success to El Salvador, which became the first country to adopt Bitcoin as legal tender, recording an estimated gain of $3.6 million.
A profitable investment thanks to the Bitcoin rebound
When El Salvador decided to invest heavily in Bitcoin a year and a half ago, some considered it a risky bet. However, this bold choice, championed by president Nayib Bukele is proving a great success.
Indeed, thanks to the spectacular rebound in the Bitcoin price in recent weeks, Salvadoran BTC reserves are now estimated at over $3.6 million in potential earningsas highlighted by president Nayib Bukele in a message posted on his Twitter account this Monday, December 4 (with one bitcoin lower).
Excellent news for this small Central American country, which is seeking to capitalize on the queen of cryptocurrencies to foster economic development and financial inclusion.
El Salvador bets on the long term
Despite the volatility of the cryptocurrency market, President Bukele has reaffirmed that El Salvador has no intention of selling any satoshi. The country intends to hold on to its bitcoins for the long term, believing them to be a sound investment for the future. The Salvadorian government remains true to its roadmap, attracting foreign investment, particularly in the Bitcoin mining sector.
With this increase in the price of the queen of cryptos, El Salvador is reaping the first rewards of its gamble. Nevertheless, we’ll have to wait several years before we can truly assess the economic and social impact of this adoption of Bitcoin as the national currency.
As a journalist at Coinpri, I’ve been captivated by the world of bitcoin and blockchain since 2020. The decentralized aspect of Bitcoin particularly piqued my interest. Since then, I’ve been working constantly to spread my knowledge, hoping one day to see a world where everyone fully enjoys their financial freedom.
