El Salvador President shares Bitcoin success; Elon Musk’s ‘one-word’ response – Times of India
El Salvador’s President Nayib Bukele. (AP Photo/Salvador Melendez, File) El Salvador President Nayib Bukele has revealed that the nation’s Bitcoin holdings have surpassed $600 million in value. Displaying a screenshot on X, President Nayib Bukele highlighted the significant growth in the Bitcoin portfolio, coinciding with the cryptocurrency reaching over $100,000 for the first time.
Initially investing approximately $269.7 million in Bitcoin, El Salvador now has a current value of about $603 million, resulting in an unrealized profit of over $333 million. According to Arkham Intelligence, El Salvador’s Bitcoin holdings are close to 6,000.
Renowned cryptocurrency supporter and CEO of Tesla and SpaceX, Elon Musk, responded to the President’s tweets with the word “Impressive.”
Bukele then reposted Musk’s reply with a meme, “It ain’t much, but it’s honest work.”
Currently valued at $103,465.81, Bitcoin’s surge followed the recent US election won by Donald Trump. The President-elect’s announcement of appointing a cryptocurrency advocate as the head of the Securities and Exchange Commission sparked excitement in the crypto market, leading to Bitcoin’s surge. Trump’s nomination of Paul Atkins for SEC chair, perceived as beneficial for crypto regulation, has boosted Bitcoin by about 45% since Trump’s election victory, as money flows into Bitcoin-backed exchange-traded funds (ETFs) in the US.
El Salvador’s Legalization of Bitcoin in 2021
El Salvador’s firm support for Bitcoin, making it legal tender in mid-2021 when the cryptocurrency was valued at around $36,000, sets the country apart from others that have not taken similar measures. Despite warnings from international financial entities like the International Monetary Fund (IMF), the government under President Bukele has consistently purchased and held Bitcoin.
The small Central American nation traditionally used the US dollar as its currency, but Bukele promised that Bitcoin would open new opportunities for the unbanked population in El Salvador and eliminate fees from money transfer services for remittances from Salvadorans abroad. The government offered $30 in Bitcoin to those who registered for digital wallets.
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