El Salvador's President Nayib Bukele has announced that the country has made $100 million in unrealized profits from its Bitcoin holdings. El Salvador has been stockpiling Bitcoin since 2021 when it made the cryptocurrency legal tender. This comes after facing criticism from the International Monetary Fund (IMF) and Bloomberg claiming its Bitcoin experiment had failed. However, according to SpotOnChain, El Salvador's Bitcoin holdings are currently valued at $516.43 million, with $100.65 million being unrealized profit. Bukele has stated that the nation has no plans to sell its Bitcoin holdings. El Salvador has been actively exploring various applications of Bitcoin, including starting a mining operation that uses energy from volcanoes.
- Content Editor ( decrypt.co )
- 2024-11-12
“I Told You So”: Bukele Takes Victory Lap as El Salvador Bitcoin Stash Hits $100 Million Profit