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El Salvador’s Unrealized Profits from Bitcoin Investments Surpass $40M

ByLouis Adams

Mar 1, 2024 #Bitcoin
Reading time: < 1 minute

El Salvador’s President Nayib Bukele has reported a paper profit of 40% or around $41.6 million from the country’s investments in the first cryptocurrency.

He also pointed out that the same analysts, experts, and journalists who were quick to highlight their supposed losses when the market price of Bitcoin was low, are now silent.

The government currently owns 2,381 BTC, worth $149.1 million. Bukele clarified that this profit is based on market purchases and that they have no plans to sell the coins. He emphasized that in the end, 1 BTC is always equal to 1 BTC, regardless of market fluctuations.

The country’s main source of digital gold is through its citizenship program, which offers a “Bitcoin Freedom Visa” for a minimum investment of $1 million through BTC or USDT, and grants a residence permit and local passport. This program was launched in December 2023.