CandleFocus BREAKING: El Salvador Sees 81% Gains With 722 BTC Acquired
2024-11-08
Author: Content Editor
El Salvador's investment in Bitcoin has proven to be a risky yet potentially profitable choice. The country has accumulated 722 Bitcoins, bought for an average price of less than $42,000. The value of their holdings has skyrocketed by about 81%, resulting in a gain of almost $24.54 million. This investment strategy, which involved buying one BTC daily, started when Bitcoin was trading at a low price of $16,700. The government's approach of consistently accumulating Bitcoin at different price levels has led to appreciable short-term gains. Additionally, El Salvador has been working on projects like "Bitcoin City" to stimulate economic development and establish itself as a center for blockchain technology and cryptocurrency. However, despite legal acceptance, the general adoption of Bitcoin in the country has been low, with only about 7.5% of Salvadorans using it for daily transactions.
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