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El Salvador's Bukele Says Value of Country's Bitcoin Holdings Up Over 40%
The country's bonds have also surged to over 80 cents on the dollar.
Updated Mar 8, 2024, 10:21 p.m. Published Feb 28, 2024, 5:55 p.m.
- El Salvador's bitcoin holdings are worth more than $147 million dollars, a profit of more than 40%
- The country first started buying bitcoin in September 2021
If El Salvador liquidated bitcoin holdings today, it would book a profit of nearly $41.6 million, or more than 40%, according to a post on X by the country's president.
"When Bitcoin's market price was low, they wrote literally thousands of articles about our supposed losses," Bukele wrote on the social media platform. "Now that #Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40%."
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When #Bitcoin’s market price was low, they wrote literally thousands of articles about our supposed losses.
— Nayib Bukele (@nayibbukele) February 28, 2024
Now that #Bitcoin’s market price is way up, if we were to sell, we would make a profit of over 40% (just from the market purchases), and our main source of BTC is now our…
Bukele also noted that the country's main source of additional bitcoin was its citizenship program which offers expedited citizenship to those who make a BTC "donation" to the government (amount not defined). The country, he continued, has no intention of selling its bitcoin.
El Salvador's holdings were accumulated at an average price of $44,292. In total, the country has 2,381 bitcoins in its treasury.
The country has also seen its bonds surge in the last year, with a debt due in 2052 trading above 80 cents on the dollar, according to FactSet data.
Bukele won re-election in early February with more than 85% of the vote.
Bitcoin is currently trading above $61,000, according to CoinDesk Indices data.
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