El Salvador’s Bukele Defends Bitcoin Strategy as Holdings Hit Record 53% Profits
El Salvador’s President Bukele defended his Bitcoin strategy as the country’s holdings hit a record 53% profit, reaching $164.7 million when Bitcoin hit a new all-time high of $69,200 on March 4. This progress stems from El Salvador’s declaration of Bitcoin as legal tender alongside the US dollar in 2021.
According to data from Bitcoin Treasuries, the country’s Bitcoin portfolio has witnessed a profit of over $50 million.
Despite criticism from the media, president Bukele has stood firm in his decision to purchase 1 Bitcoin daily since the start of 2022. Since then, El Salvador’s holding has grown to 2,380 BTC, worth $159.2 million at current prices.
President Bukele expressed his thoughts on X (formerly Twitter), responding to critics who had condemned his pro-Bitcoin vision during the BTC price decline.
Still waiting… https://t.co/FkKs2rRP1Q pic.twitter.com/X6UyAsoTIz
— Nayib Bukele (@nayibbukele) March 4, 2024
President Bukele, who reiterated his Bitcoin vision during the last election campaign, was re-elected last month after a landslide victory.
In addition to the profits from Bitcoin holdings, El Salvador is steadily becoming one of the safest countries globally, with a 70% decrease in the crime rate in 2023.
In May 2022, President Nayib announced his vision to build the first-ever Bitcoin city in El Salvador, a project that Bitcoin would fund.
The city, “Ciudad Bitcoin,” is envisioned as a hub for technology, and sustainable living, with Bitcoin powering every aspect of its infrastructure and economy.
The global crypto community is closely watching the project’s progress, as it represents a bold experiment in integrating digital currency into everyday life.
Updates on the development of Ciudad Bitcoin, including
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