El Salvador's Bitcoin Bet Is Paying Off—Here's How Much The Country Is Up
Spot On Chain reveals El Salvador’s well-timed Bitcoin purchases, yielding an impressive 81% gain after BTC rebounded from a four-year low.
Crypto trader notes that Bitcoin is now in price discovery, recommending holding as long as the trend stays favorable.
El Salvador, the first nation state to adopt Bitcoin BTC/USD as a means of payment, is up 81% on its investments, according to on-chain analysis.
What Happened: Spotonchain data shows El Salvador's strategic Bitcoin investments, led by president Nayib Bukele, have reaped gains of $24.54 million. Starting Nov. 18, 2022, the country purchased one bitcoin daily at an average price below $42,000.
El Salvador's embrace of Bitcoin, recognized as legal tender since 2021, has positioned it as a leader in crypto adoption. Bukele's initiatives included a proposal for a national Bitcoin bank just two weeks into his second term.
His ambitious "Bitcoin City" project, has attracted major investments like Yilport Holding's $1.6 billion in the country's seaports. This marks largest private investment in the nation’s history.
Bitcoin influencer Max Keiser commended El Salvador for its Bitcoin strategy, saying the “American dream is alive” in the country. However, the country’s ‘passports for Bitcoin‘ initiative has not seen any interest yet and president Bukele admitted that Bitcoin uptake has not been a resounding success.