After Bitcoin (BTC) recently went past the $100,000 milestone, El Salvador President Nayib Bukele took to social media to bask in the glory of a gamble his country made in 2021.<\/p>\n
Then, the small Central American nation gave the cryptocurrency legal tender status and established a treasury that now holds almost six thousand BTC.<\/p>\n
When the world\u2019s largest digital asset by market capitalization hit the highly anticipated milestone<\/a>, it pushed the value of El Salvador\u2019s BTC portfolio beyond $600 million, a staggering 123.67% return on its $269.7 million investment.<\/p>\n On December 5, President Bukele took to X to showcase<\/a> the national crypto holdings, revealing an unrealized profit of $333.6 million.<\/p>\n https:\/\/t.co\/QVvFbQ7woa<\/a> pic.twitter.com\/WiOAYg6Ztx<\/a><\/p>\n \u2014 Nayib Bukele (@nayibbukele) December 5, 2024<\/a><\/p>\n\n The post sparked a wave of reactions online, with users praising Bukele\u2019s foresight in adopting Bitcoin. Billionaire Elon Musk, who has been chosen by U.S. President-elect Donald Trump to co-head the new Department of Government Efficiency<\/a> (D.O.G.E.), called the achievement \u201cimpressive,\u201d while others hailed the move as \u201clegendary\u201d with potential long-term benefits for El Salvador.<\/p>\n However, since attaining an all-time high (ATH) price of $103,679, Bitcoin has retreated<\/a> to around the $98,000 level, reducing the value of El Salvador\u2019s stash to a still remarkable $556.4 million.<\/p>\n The country has been buying one BTC each day since 2022. In that time, it has amassed a total of 5,942 BTC, with President Bukele promising to keep adding on to the number until Bitcoin becomes \u201cunaffordable with fiat currencies.\u201d<\/p>\n Despite the achievement, not all Salvadorians are reaping the rewards. A recent Associated Press report<\/a> revealed that many cashed out a $30 BTC bonus offered by the government when digital wallets were introduced, opting for immediate cash over potential long-term gains.<\/p>\n Further, critics such as El Salvador\u2019s former Central Bank head Carlos Acevedo noted that while the profits were impressive, they remain unrealized until the Bitcoin is sold.<\/p>\n President Bukele has blamed his political opponents for dissuading citizens from embracing crypto, claiming it deprived many of them of significant financial gains. On Facebook, he wrote:<\/p>\n \u201cNot only was the opposition terribly wrong with Bitcoin, but, unlike other issues (where they were also wrong), this time their opposition did affect many.\u201d<\/p>\n While Bitcoin is 5% off its ATH, its recent meteoric rise has come against a backdrop of global events, including Donald Trump\u2019s election victory in November. The pro-crypto president has pledged policies aimed at retaining and expanding the U.S. government\u2019s BTC holdings, fueling optimism in the virtual currency market.<\/p>\n The nudge past $100,000 was seemingly provided by Trump\u2019s selection<\/a> of crypto advocate Paul Atkins as the next Securities and Exchange Commission (SEC) chair to replace the much-maligned Gary Gensler.<\/p>\n The post El Salvador President Showcases National Portfolio as Bitcoin Tapped $100K<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" After Bitcoin (BTC) recently went past the $100,000 milestone, El Salvador President Nayib Bukele took to social media to bask in the glory of a gamble his country made in 2021. Then, the small Central American nation gave the cryptocurrency legal tender status and established a treasury that now holds almost six thousand BTC. When […]<\/p>\n","protected":false},"author":0,"featured_media":26589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-26588","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26588"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26588"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/26588\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/26589"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26588"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26588"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26588"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Bitcoin\u2019s Historic Breakthrough<\/h2>\n
BTC Continues to Ride the \u201cTrump Pump\u201d<\/h2>\n