Central American country, Savior has made significant profits from its extensive Bitcoin reserve. The country that before accepted Bitcoin as legal tender has now made hundreds of millions of dollars as Bitcoin recently surpassed $66,000.
Bitcoin Profits Are Soaring in El Salvador
A bold bet on Bitcoin in El Salvador continues to pay off as the country’s profits have increased significantly following the cryptocurrency’s surge to $66,000 on May 16, 2024. Over the past three years, the country aggressively collected a staggering amount of BTC.
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Despite all criticism and discouragement from the side International Monetary Fund (IMF)El Salvador adopted Bitcoin as legal tender in 2021. The country has continued to do so since then increased your Bitcoin reserves by acquiring the cryptocurrency in any way, either through direct purchase or mining.
According to the Bitcoin office in El Salvador, there are approximately 5,751 of them in the country BTC valued at around $379 million at the current price of Bitcoin. As of 2021, a total of 474 bitcoins worth approximately $29 million have been mined in this Central American country, harnessing green energy through the employ of volcanic geothermal energy to facilitate mining activities.
In March, when the Bitcoin price reached approx up-to-date all-time record above $73,000, the Central American country delivered significant gains, suffering a slight decline as the price of Bitcoin gave up gains and fell below its price of $60,000. Now that Bitcoin is rising again, the country’s profits continue to rise.
President of El Salvador Nayi Bukele, vocals Bitcoin supporter, advocates cryptocurrency as a means of promoting economic growth and improving financial inclusion in the country. President Bukele revealed earlier on February 2, 2024 that the country has no plans to sell its Bitcoin assets. Insteadseeks to continually incorporate more resources into its digital asset pool.
Bitcoin Rising Above $65,000
Bitcoin rose above $66,000 this week, marking the first time since April 24, 2024. The pioneering cryptocurrency has surged 6.74% in the last 24 hours and is currently trading at $65,993.
By following Bitcoin halving event that took place on April 20, the cryptocurrency experienced mass collapse, giving back most of the gains made during the March rally. At the time, Bitcoin’s skyrocketing value was fueled by growing demand Spot Bitcoin ETF.
According to cryptocurrency analyst Ali Martinez, the cryptocurrency market is still very early, underlining that Bitcoin was trading just 25 days after the Bitcoin halving and suggests that the cryptocurrency may one day rise even higher bearish moods is decreasing.
Currently, Bitcoin’s daily trading volume has seen a significant boost, highlighting the growing interest of cryptocurrency investors and traders in the industry. The cryptocurrency’s 24-hour trading volume of approximately $42.3 billion increased by over 70.27%. Apart from that, in general market capitalization increased by over $1.3 trillion, a daily boost of 6.56%.
Chart from Tradingview.com
