El Salvador's President Nayib Bukele is celebrating his country's success after earning more than $300 million in unrealized gains from his Bitcoin holdings.
In a Dec. 5 post on X (formerly Twitter), Bukele shared a screenshot showing that the country's Bitcoin holdings had reached more than $600 million. This surge came as the price of Bitcoin soared over $100,000, reaching an all-time high of $103,465.81.
According to the screenshot, El Salvador's Bitcoin holdings increased by 117.74% to approximately $603 million. According to Bukele's figures, the country initially invested about $269.7 million in Bitcoin, resulting in unrealized gains of more than $335 million.
The term “unrealized gain” refers to the difference between the original purchase price and the current market value of the asset, which changes with market fluctuations.
Over the years, El Salvador's unwavering commitment to Bitcoin has made it the focus of both support and criticism.
Despite repeated warnings from international financial institutions, including the International Monetary Fund (IMF), Bukele's government has continued to accumulate major digital assets since they became legal tender in 2021.
Additionally, the government has introduced various initiatives to further integrate Bitcoin into the national economy. These include exploring the use of domestic volcanoes for Bitcoin mining and launching a BTC training and certification program for civil servants.
Community reaction
The cryptocurrency community is largely supportive of El Salvador's Bitcoin strategy, noting that it will significantly improve the country's financial situation.
Prominent tech billionaire and cryptocurrency advocate Elon Musk praised the impressive gains the Central American country has generated since adopting the premier cryptocurrency.
Musk's electric car company Tesla's Bitcoin holdings have also returned to the $1 billion mark as Bitcoin prices rose, according to data from Arkham Intelligence. If the company held on to all the Bitcoin it purchased in 2021, it would be worth $4 billion.
Meanwhile, El Salvador Bitcoin Office Director Stacey Herbert acknowledged the team effort behind the country's success, saying:
“A lot of hard work went into this success, and one day the story will be told how our very small team made this happen.”
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