El Salvador’s Bitcoin Investment Strategy Proves Lucrative as Profits Surge by 70%
El Salvador’s Bitcoin (BTC) investment strategy is paying off handsomely, with the country now enjoying a remarkable 70% profit on its dollar-cost average purchase price.
Following a recent Bitcoin rally, El Salvador’s crypto treasury has surged to $85 million in profit, as reported by the Nayib Tracker website .
The impressive growth coincides with Bitcoin’s record-breaking surge above $72,000 on March 11.
President Nayib Bukele initiated the Bitcoin buying strategy in September 2021 when the Central American nation officially embraced Bitcoin.
During the initial purchase of 200 coins, Bitcoin was trading at $51,769.
However, the strategy faced criticism when Bitcoin experienced a subsequent decline from its peak of $69,000 in November 2021, plummeting to as low as $16,000 in the ensuing bear market and pushing the portfolio into deep losses.
Despite the initial setbacks, the investment portfolio rebounded when BTC prices surpassed the dollar-cost average of $42,600 in February, resulting in substantial profits.
Currently, the portfolio comprises 2,861 BTC, valued at $207.3 million.
President Bukele highlighted that the profits derived from Bitcoin extend beyond the investment gains.
El Salvador has also generated revenue through the country’s passport program, the conversion of BTC to USD for local businesses, Bitcoin mining activities, and various government services.
In December, El Salvador enacted a migration law offering expedited citizenship to foreigners who make Bitcoin donations to support government social and economic development programs.
Additionally, the country ventured into Bitcoin mining in October through a partnership between Volcano Energy and Luxor Technology, establishing its
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