El Salvador's strategic investment in Bitcoin has garnered significant profits and international attention, marking a potential shift in the economic landscape for the country. Since 2021, when El Salvador began acquiring Bitcoin, the nation has seen its Bitcoin holdings increase by 60%, translating to an unrealized profit of approximately $84 million, with reports indicating profits as high as $85 million. This financial success comes amidst skepticism from economists and international organizations, who initially criticized the move due to the volatile nature of cryptocurrencies. The country's GDP, growing at a rate of 2%, could see substantial benefits from these investments, potentially adding 7% to the GDP growth. Notably, Tim Draper, a prominent figure in the cryptocurrency space, suggested on the 'Web3 Deep Dive' podcast that El Salvador could become one of the wealthiest countries in the world thanks to its Bitcoin strategy. Additionally, the El Salvador government has reported profits from Bitcoin revenue across various sectors, including passport programs, local businesses, mining, and government services. This development has led to a broader discussion on the role of digital currencies in emerging economies and the potential for other nations to adopt similar strategies.
President Bukele’s #Bitcoin strategy in El Salvador is $85 million in profit. https://t.co/Hpbb8pWgn8
Ether options traders are bracing for a short-term price decline and El Salvador’s treasury is sitting on $84 million in unrealized profit on its bitcoin holdings. @LedesmaLyllah and @godbole17 report for First Mover Americas. https://t.co/68afMp6uPg
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El Salvador’s bitcoin treasury is sitting on $84 million in unrealized profit on the holdings it first started acquiring in September 2021. By @shauryamalwa. https://t.co/Ro1DdRZncb
UPDATE: EL SALVADOR’S BITCOIN TREASURY RECORDED $85 MILLION IN PROFIT AFTER RECENT BITCOIN RALLY
JUST IN: 🇸🇻 El Salvador President says they’re in profit on #Bitcoin revenue from their passport program, local businesses, mining and from government services. https://t.co/AXooQc7id7
El Salvador is now in a $83m profit on their #Bitcoin investment strategy! 🚀 https://t.co/zj6RGn8hjW
El Salvador 🇸🇻 could become the richest country in the world says @TimDraper due to #Bitcoin what do y’all think? 🤔 Watch the full interview on Web3 Deep Dive podcast ➡️ https://t.co/4pD005Aepv Read more about this on @cryptonews https://t.co/Wbp1mEHlbb https://t.co/sNlbqztolU
El Salvador is #Bitcoin Country 🇸🇻🧢🥳🚀 https://t.co/qGygf9j2R1
Class of 2024 @cuboplus begins on Saturday, 16 March. Each and every one of the inaugural class has landed a fantastic, high paying job in bitcoin. And now we continue. El Salvador is winning by having the largest pool of well trained #Bitcoin and Lightning devs in the world. https://t.co/Przu9gzjCU
Remember how El Salvador’s adoption of Bitcoin was repeatedly called a failure by MSM? Lack of trust in media is a self-inflicted wound. https://t.co/rdJ3BE9R3U
So El Salvador's #bitcoin position is up 60% and now $200M Their GDP is ~$30B and growing at 2% a 10x in #bitcoin would add 7% nearly quadruple GDP growth emerging economies are going to see this and say wtf are we doing https://t.co/6CS2fU6kE0
JUST IN: Tim Draper believes that El Salvador 🇸🇻 could eventually become one of the wealthiest countries in the world thanks to its investment in #Bitcoin. Draper made his statements on a recent episode of the “Web3 Deep Dive” podcast with Rachel Wolfson. https://t.co/G5IPvHWVwR
hearing rumors that el salvador now accepts $BTC as well as $KUBELE 🇸🇻💩🪙 @YanibKubele_sol https://t.co/bDGDGQ5Ncs
NEW: 🇸🇻 El Salvador is up $74 million (+60%) on their #Bitcoin holdings 🙌 https://t.co/1C33vqSDTn
El Salvador is on its way to becoming one of the wealthiest countries in the world due to #Bitcoin holdings https://t.co/Wbp1mEHlbb via @cryptonews thanks @JoeNakamoto and others for comments!
Have we heard from the economists and international orgs that criticised El Salvador for buying Bitcoin? Turned out to be a good idea, they are up significantly vs USD, which lost ~20% purchasing power since 2021. This is a good test of credibility vs bias.