El Salvador, the Central American country that broke new ground in 2021 and accepted Bitcoin as legal currency, purchased BTC intermittently after this decision.
Thanks to these BTCs, El Salvador turned a profit, and the BTC assets that it first started purchasing in September 2021 reached an unrealized profit of $ 84 million.
At this point, Bitcoin's 250% increase last year and its rally to over $70,000 in recent days have increased El Salvador's BTC assets to over $206 million as of Tuesday.
This figure means that El Salvador's initial capital allocation for Bitcoin has increased by 69% so far.
According to the data, El Salvador has purchased Bitcoin in 12 separate transactions to date, and while the average purchase cost is $42,600, the country holds 2,681 BTC.
El Salvador President Nayib Bukele stated in his post that the country earns more Bitcoin from various services. These include BTC revenue from the citizenship passport program, conversion of BTC to US dollars for local businesses, Bitcoin mining, and BTC revenue from government services.
+ #BTC revenue from our passport program
+ Revenue from converting #BTC to USD for local businesses
+ #BTC from mining
+ #BTC revenue from government services https://t.co/O1sjKoJRiq— Nayib Bukele (@nayibbukele) March 11, 2024
“El Salvador Will Become the Richest Country in the World Thanks to Bitcoin!”
As El Salvador continues to make more profits from Bitcoin, Tim Draper, a famous name known for Bitcoin price predictions, said that Bitcoin will make El Salvador one of the richest countries in the world in the next 30 or 40 years.
Stating that Bitcoin has helped El Salvador grow and become a better nation and that it will determine the future of the country in the coming years, Tim Draper continued his words as follows:
“Maybe in 30 or 40 years, just because they adopted Bitcoin, El Salvador will go from being one of the poorest countries most prone to crime to one of the richest, most innovative countries in the world.
Salvadoran President Nayib Bukele's Bitcoin purchases will enable the country to pay its debt to the International Monetary Fund (IMF).
My prediction for Bitcoin to reach $250,000 in 2024 is still valid. “In the future, people will no longer want dollars.”
Bitcoin continues to trade at $71,079 at the time of writing.
*This is not investment advice.
