Bitcoin hit its all-time high above the $103,000 price level El Salvador's Bitcoin wallet grew to a massive $603 million.
Nayib Bukele, the president of El Salvador, the first country to adopt Bitcoin BTC $97 586 24h volatility: 4.9% Market cap: $1.93 T Vol. 24h: $163.58 B as legal tender, rejoiced as the world’s largest digital asset broke above the $100,000 price level, making history and hitting the $2 trillion market valuation for the first time. Notably, the country has been purchasing 1 BTC each day for months and is now in massive profit.
In a post on social media platform X (formerly Twitter), Bukele displayed the country’s crypto wallet for his 6.7 million followers to see. In the screenshot, it can be seen that El Salvador has Bitcoin worth a whopping $603,340,991, up 117% YTD. The strategy to include Bitcoin on the Central American country’s balance sheet resulted in the country owning a substantial 6,178 BTC, revealed the data from Nayibtracker.
In total, El Salvador has invested $269,743,800.80 in Bitcoin and has a significant $333,597,190.20 in unrealized gains. The portfolio’s value has continuously risen since the crypto winter of 2022. Interestingly, the chief executive of Tesla and billionaire Elon Musk commended Bukele’s strategy, calling it “impressive,” while the broader digital asset space applauded the president of El Salvador for being fearless and embracing Bitcoin amid turbulent times.
It is important to note that Bukele announced El Salvador’s intention of buying 1 Bitcoin every day in November 2022. At that time, many X users ridiculed the country’s strategy, adding that Bukele’s commitment to Bitcoin won’t last long. Even the International Monetary Fund (IMF) has warned earlier this year that the Central American country should work towards mitigation of risk of exposure to BTC.
When El Salvador started purchasing BTC, the digital asset was trading around $36,000 and has since then gone on to claim the all-time high of $103,900.47 and a valuation of $2 trillion. Moreover, the dominance of the digital asset also rose to 54.5% as the euphoria in the market following the election of pro-crypto candidate Donald Trump continues to push prices higher.
El Salvador has taken numerous steps toward Bitcoin adoption, ranging from Bitcoin bonds to BTC mining using thermal energy. Recently, the country introduced the “Bitcoin training and certification program” under the guidance of the National Bitcoin Office (ONBTC). The goal is to train over 80,000 civil servants.
The talks of Bitcoin being solidified as a strategic reserve asset are being held throughout the United States as the pro-crypto administration of Trump takes over. As many as ten US states have confirmed the introduction of legislation to make BTC legal tender, while companies like Hut 8 and others continue to buy BTC as a strategic reserve asset.
As Bitcoin broke above $100,000, the president-elect congratulated the digital asset space while Binance co-founder and former CEO Changpeng Zhao (CZ) explained how Bitcoin has the same value, but due to inflation, fiat becomes cheaper in front of the world’s largest cryptocurrency by market cap.
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With a background in finance and a passion for innovation, Anisha has been covering the ever-evolving world of crypto for over four years. Her deep understanding of the crypto market have made her a trusted source for analysis and news. Whether it's dissecting the latest trends or decoding whitepapers, Anisha is dedicated to bringing clarity to the world of digital assets.
