Quick access to main page (top) Direct access to main contents Quick access to main page (bottom)

El Salvador’s Bitcoin Boom: $84 Million Profit Sparks Global Attention

Eugene Park Views  

El Salvador’s Bitcoin
Sales Profit, $84 million
Boasts Bitcoin Investment Performance

News 1

The era of the 100 million won ($75,210) cryptocurrency Bitcoin continues. As of the 14th, Bitcoin surged to 140 million won, drawing attention to Central American El Salvador.

El Salvador is known as the first country in the world to adopt Bitcoin as legal tender and buy It using the national treasury. The Salvadoran government is estimated to be reaping unrealized sales profits close to 70% of the current value.

Unrealized sales profits refer to profits on the books that have not yet been realized.

In 2021, El Salvador passed a bill in Congress recognizing Bitcoin as legal tender. Since then, Bitcoin has been identified as the official currency of El Salvador, known as the world’s first case of Bitcoin as legal tender.

News 1

At the time, protests erupted over complaints such as whether it made sense for a coin to be legal tender in a country where half the population struggled with internet access. But President Nayib Bukele didn’t blink an eye and continued to buy more Bitcoin. He insisted that “it’s good to buy Bitcoin at a low price” and did not back down from his state monetization policy.

Nayib Bukele stated that the purpose of adopting Bitcoin as legal tender was not speculation but a new alternative currency and to reduce exchange fees for the people of El Salvador. He judged that adopting Bitcoin, which does not charge fees for exchange, is advantageous to their own national economy, which is dependent on foreign capital, rather than adopting their own national currency, which would become a piece of trash due to the effects of hyperinflation.

News 1

He became the first to mine Bitcoin in El Salvador using the country’s volcanic geothermal energy. Although he suffered significant losses when the price of Bitcoin fell, El Salvador also prospered during the recent resurgence of Bitcoin.

According to Nayib Tracker, a private website that shows El Salvador’s Bitcoin investment gains and losses in real-time, as of the 12th local time, El Salvador is showing unrealized sales profits of 68% thanks to the recent surge in Bitcoin.

The number of Bitcoins in El Salvador is 2,832, which, when converted into estimated sales profits, is estimated to be around $83.57 million or about 111.1 billion won.

News 1

Nayib Bukele, the President of El Salvador, retweeted another user’s post on his social media, X (formerly Twitter), saying, “El Salvador is making a profit of $83 million from its Bitcoin investment.”

Since Bitcoin was introduced as legal tender in 2021, the Salvadoran government, which has been buying Bitcoin from time to time, seems to have bought about $121.9 million worth of Bitcoin so far. When converted into won, this is equivalent to 162.1 billion won.

The decision of Nayib Bukele, who is close to a maverick, has paid off. Nayib Bukele started investing in Bitcoin without going through a social consensus process and was criticized in his own country. Especially during the Bitcoin recession in early to mid last year, he suffered a 60% loss, causing anxiety among his people.

The International Monetary Fund (IMF) reportedly reprimanded Nayib Bukele, saying “Do not grant legal tender status to cryptocurrency”. Bukele responded, “It is to reduce dependence on the dollar.”

News 1

Despite the IMF’s criticism, he did not stop buying Bitcoin. Instead, it ambitiously implemented various policies guaranteeing Bitcoin as a financial asset, such as mining Bitcoin based on geothermal energy, issuing Bitcoin bonds worth 1 trillion won (approximately $751.87 million), and allowing transfers of cryptocurrencies.

Nayib Bukele is known to have presented various profit models using Bitcoin on X, such as profits from the citizenship offer program, dollar exchange profits for corporations, mining profits, and government service profits.

Meanwhile, Nayib Bukele won a second term in the 2024 presidential election with an estimated vote share of over 80%.

Eugene Park
content@www.kangnamtimes.com

Comments0

300

Comments0

[BUSINESS] Latest Stories

  • El Salvador's Bitcoin Reserves See $25 Million Surge After Trump’s Win
  • Who Is Susie Wiles? Meet Trump’s Loyal ‘Ice Baby’ and First Woman Chief of Staff
  • Trump’s 2nd Term Family Drama: Lara and Don Jr. Take Center Stage, Ivanka Steps Aside
  • Boston Dynamics’ Atlas Robot in Hot Dog Costume Stuns with Human-Like Skills
  • With $180M in Support, Musk Backs Trump’s Victory—And Makes It Meme-Worthy
  • Swifties and Celebrities Left Reeling After Trump’s Election Win

Weekly Best Articles

  • Tesla’s New Model Y Juniper: Leaked Prototype Hints at Major 2025 Facelift
  • Mercedes-Benz CLA Gets a Chinese Heart—2.0-liter Turbo Gasoline Engine with 250 HP
  • Suzuki’s Grand Vitara Dominion Edition: Enhanced Exterior, Interior, and Hybrid Powertrains
  • 2024 Toyota Land Cruiser: 326-HP Hybrid Engine Powers Off-Road Performance at $90K
  • NCT Dream Stars Share Hilarious Childhood Memories with Kim Jong Kook
  • Han Ji Min Dazzles Fans in All-White Winter Look—See Her Stunning Holiday Photos
  • Kim Jaejoong Breaks Down in Emotional Moment During Concert—Here’s Why
  • Rain Reveals His Luxurious Life—From Expensive Home Tech to Dream Bus Rides
  • Is Dex the Ultimate Boyfriend? Seohyun Jin Thinks So!
  • Is the Toyota Century SUV Worth the Price? Here’s What You Get for $273,000
  • Is the Toyota Rumion the Best Value Minivan You Can Buy? Here’s Why It Might Be
  • Lexus Reveals Sporty New ES Facelift with Aggressive Design Changes

You May Also Like

  • 1
    Kim Jaejoong Breaks Down in Emotional Moment During Concert—Here’s Why

    ENTERTAINMENT 

  • 2
    Rain Reveals His Luxurious Life—From Expensive Home Tech to Dream Bus Rides

    ENTERTAINMENT 

  • 3
    Is Dex the Ultimate Boyfriend? Seohyun Jin Thinks So!

    ENTERTAINMENT 

  • 4
    Is the Toyota Century SUV Worth the Price? Here’s What You Get for $273,000

    TECH 

  • 5
    Is the Toyota Rumion the Best Value Minivan You Can Buy? Here’s Why It Might Be

    TECH 

Popular Now

  • 1
    Lexus Reveals Sporty New ES Facelift with Aggressive Design Changes

    TECH 

  • 2
    2026 Toyota RAV4: Bigger, Bolder, and Hybrid-Only—Is It the Future of SUVs?

    TECH 

  • 3
    Byeon Woo Seok's Hot Streak Continues—Wins Hot Character Award for the Sixth Consecutive Month

    ENTERTAINMENT 

  • 4
    Jung Hae In Gets Personal: Family First and Thoughts on Marriage Revealed

    ENTERTAINMENT 

  • 5
    Min Hee Jin Faces $3.6 Million Lawsuit Over 'False Claims' About NewJeans Management

    ENTERTAINMENT 

Weekly Best Articles

  • Tesla’s New Model Y Juniper: Leaked Prototype Hints at Major 2025 Facelift
  • Mercedes-Benz CLA Gets a Chinese Heart—2.0-liter Turbo Gasoline Engine with 250 HP
  • Suzuki’s Grand Vitara Dominion Edition: Enhanced Exterior, Interior, and Hybrid Powertrains
  • 2024 Toyota Land Cruiser: 326-HP Hybrid Engine Powers Off-Road Performance at $90K
  • NCT Dream Stars Share Hilarious Childhood Memories with Kim Jong Kook
  • Han Ji Min Dazzles Fans in All-White Winter Look—See Her Stunning Holiday Photos
  • Kim Jaejoong Breaks Down in Emotional Moment During Concert—Here’s Why
  • Rain Reveals His Luxurious Life—From Expensive Home Tech to Dream Bus Rides
  • Is Dex the Ultimate Boyfriend? Seohyun Jin Thinks So!
  • Is the Toyota Century SUV Worth the Price? Here’s What You Get for $273,000
  • Is the Toyota Rumion the Best Value Minivan You Can Buy? Here’s Why It Might Be
  • Lexus Reveals Sporty New ES Facelift with Aggressive Design Changes

Must-Reads

  • 1
    Kim Jaejoong Breaks Down in Emotional Moment During Concert—Here’s Why

    ENTERTAINMENT 

  • 2
    Rain Reveals His Luxurious Life—From Expensive Home Tech to Dream Bus Rides

    ENTERTAINMENT 

  • 3
    Is Dex the Ultimate Boyfriend? Seohyun Jin Thinks So!

    ENTERTAINMENT 

  • 4
    Is the Toyota Century SUV Worth the Price? Here’s What You Get for $273,000

    TECH 

  • 5
    Is the Toyota Rumion the Best Value Minivan You Can Buy? Here’s Why It Might Be

    TECH 

Popular Now

  • 1
    Lexus Reveals Sporty New ES Facelift with Aggressive Design Changes

    TECH 

  • 2
    2026 Toyota RAV4: Bigger, Bolder, and Hybrid-Only—Is It the Future of SUVs?

    TECH 

  • 3
    Byeon Woo Seok's Hot Streak Continues—Wins Hot Character Award for the Sixth Consecutive Month

    ENTERTAINMENT 

  • 4
    Jung Hae In Gets Personal: Family First and Thoughts on Marriage Revealed

    ENTERTAINMENT 

  • 5
    Min Hee Jin Faces $3.6 Million Lawsuit Over 'False Claims' About NewJeans Management

    ENTERTAINMENT 

Share it on...