Bukele celebrated the recent bitcoin rally and the $100K milestone, posting a screenshot of El Salvador’s bitcoin investment unrealized gains. Fighting tooth and nail against naysayers, including institutions like the IMF, the leader brought in over $300 million in profits from one of the largest nation-state bitcoin trades.
President Bukele Gets the Last Laugh: Over $300 Million in Unrealized Bitcoin Gains
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Bukele Shows El Salvador’s Bitcoin Wallet Profits: Over $300 Million in Unrealized Gains
President Nayib Bukele, leader of El Salvador and bitcoin proponent, celebrated the recent $100K bitcoin milestone in his own way. To attack his critics, Bukele showed a screenshot showing the earnings that the Bitcoin investment policy implemented by his administration had achieved during these 3 years.
On social media, Bukele shared a screenshot showing El Salvador’s bitcoin portfolio, highlighting that the nation had invested nearly $270 million in bitcoin and achieved unrealized gains for close to $334 million. This makes El Salvador’s dollar cost average ( DCA) move one of the largest bitcoin trades at a nation-state level ever made.
While victorious at this time, Bukele’s bitcoin fixation has hit many bumps on the road, including internal backlash from Salvadorans, who according to several polls were not convinced of this action course. The International Monetary Fund (IMF) was also one of the most fierce enemies of Bukele’s bitcoin allegiance, calling for disarming these policies since their beginnings.
Bukele stood still against the organization’s indications even when this position hindered El Salvador’s international funding possibilities. This seems more likely to happen now, as Salvadoran authorities have been meeting with the IMF to work around bitcoin and their policy requirements on its treatment.
Read more: El Salvador and IMF Advance Talks on Bitcoin Risk Mitigation and Economic Reforms
El Salvador has continued pushing a “one BTC a day” purchase program established by Bukele in March when he declared that this policy would continue “until bitcoin becomes unaffordable with fiat currencies.”
Now, with bitcoin having crossed the $100,000 mark, the number that Bukele was thinking about when he made these statements becomes relevant. Analysts predict that with President-Elect Trump’s pro- crypto administration bringing clarity to the crypto industry in the U.S., BTC might reach new heights in the next four years.
