Bitcoin Surpasses $100,000: El Salvador Reaps Big

In 2021, El Salvador embarked on a crazy gamble: making Bitcoin legal tender, on par with the dollar. At the time, skepticism and criticism poured in, including from the IMF, which saw this idea as an economic heresy. Yet, Nayib Bukele and his government held firm. Today, with a BTC exceeding 100,000 dollars, the country’s unrealized gains are reaching new heights. Here’s a look back at this bold adventure and its impressive figures.

Bitcoin at $100,000: A gold mine for El Salvador

The Bitcoin news: El Salvador has spent nearly 270 million dollars to acquire 6,180 BTC since September 2021. While many predicted a financial disaster, the country now shows unrealized gains exceeding 333 million dollars.

By adopting a daily purchase strategy (DCA), Nayib Bukele has strengthened the national treasury while silencing skeptics.

Some key figures:

• 6,180 BTC held by El Salvador;
• An average purchase price of 44,739.88 $ per Bitcoin;
• A rise of 122% since the initial investments.

Bukele, visibly satisfied, did not miss the chance to celebrate this success on social media by proudly sharing the performances of the national portfolio.

https://twitter.com/nayibbukele/status/1864506095131144278

“Dunk on the haters“, he wrote in response to a user on X. A way of reminding that perseverance pays off, especially in the unpredictable world of crypto.

The Price of BTC Transforms El Salvador

Aside from the financial profits, the adoption of Bitcoin has invigorated other sectors. Tourism, in particular, has seen strong growth. The country is now perceived as a paradise for crypto enthusiasts, attracting investors and the curious from around the world.

However, this success story has not silenced the critics. The IMF continues to highlight the financial risks and calls for a rollback. Julie Kozack, the IMF’s communications director, recently launched a new offensive and recommended limiting the public sector’s exposure to BTC and restricting the scope of the Bitcoin law.

But in the face of these pressures, El Salvador continues to carve its own path, betting on the flagship crypto as a lever for economic development and financial independence.

In conclusion, despite impressive gains, the IMF remains skeptical and urges El Salvador to reconsider its approach. Recommendations include a strengthened regulatory framework and a reduction in the scope of the Bitcoin law. But Nayib Bukele seems determined to let history decide.